Ready, Set, Depreciate
When you buy real property (or personal property that lasts more than one year) to use in your business, you may have up to three options for deducting the cost.
Refresher: Principal Residence Gain Exclusion Break (Part 1 of 3)
This is Part 1 of our three-part refresher course on understanding the twists and turns necessary to realize the maximum federal income tax savings out of the home sale gain exclusion break, which might be more valuable than ever right now. Let’s get started.
Know Why the Court Denied Losses on Four of Six House Rentals
If you own rental properties and want to deduct rental losses, you absolutely, positively must have a handle on the passive-loss rules.
2021 Tax Loss Nightmare: Return of the TCJA NOL Rules
When Congress passed the Tax Cuts and Jobs Act (TCJA) back in 2018, it reduced your ability to make use of your tax losses.
Payroll Taxes Embezzled; Owner Has Huge Business and Tax Problems
If you have employees in your business, this story should have your attention.
Tax Savings for Married Taxpayers Claiming Section 179 Deductions
If you are married, you need to know three special rules that can benefit your Section 179 deductions.
Big Mistake: Filing Your Tax Return Late
Three bad things happen when you file your tax return late.
Loophole: Harvest Tax Losses on Bitcoin and other Cryptocurrency
When it comes to tax losses on bitcoin and other cryptocurrency, you’ll find in this article an escape from a tax-loss rule that does not allow you to deduct a tax loss.
Don’t Miss Out on the Employee Retention Credit
Since COVID-19 struck, the government has created free and/or easy money in the form of tax credits and loans that are forgiven
Creating More Business Meal Tax Deductions
The Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals.
You Took Coronavirus-Related IRA Money Last Year: What Now?
If you’re a traditional IRA owner who was adversely affected by the COVID-19 pandemic last year (2020), you may have been eligible to take a tax-favored coronavirus-related distribution from a traditional IRA.
Tax Rules That Allow Tax Deductions for Your Yacht
Qualifying for tax deductions on a yacht or other luxury boat requires tax knowledge.