2022 Tax Planning: Net Operating Losses
May 20, 2022
Taxpayers can utilize net operating losses (NOLs) generated on their personal and corporate tax returns generated in tax year 2022 by carrying forward the losses. The usage of the loss carryover is subject to certain limitations.
Tax Planning: The Tax Benefits of Cost Segregation
May 16, 2022
Business and individual taxpayers that acquire nonresidential real property or residential rental property have an opportunity to reduce the depreciable lives on assets which are building components. Certain assets may qualify for shorter lives and recovery periods under MACRS depreciation. The reduction of the asset lives provides accelerated deductions to offset income.
Five IRS Tips for Filing Your Taxes
February 08, 2022
The January 31st deadline for receiving your tax documents has just passed, and you are ready to file your taxes; however, the news is full of stories about the IRS and the delays in processing returns this year. The IRS has cited the Coronavirus pandemic and the backlog of 2020 tax returns for the delays. This year, it is more important than ever to ensure you use extra caution when filing your tax returns to avoid processing delays.
Remote Work Can Cause Tax Issues for Employers
January 31, 2022
COVID continues to upend the traditional working environment where your employees work relatively close to the office or in the same state. With the pandemic rolling into its third year, many offices remain closed and allow workers to telecommute. While this may be good news for the employees, it can be potentially bad news for employers.
FAQ: Recordkeeping for Businesses
January 17, 2022
Running a business has many challenges, and one of the challenges business owners face is keeping good records. This applies to all businesses, whether they have a couple dozen employees or just a few.
2022 Industry Planning: Rental Real Estate as Qualified Business Income
January 11, 2022
Rental real estate has been attracting savvy investors for years. Qualified Business Income Deduction (QBID) is not new news either! The allure of purchasing rental properties to grow your portfolio and have additional tax write-offs works if you partner with a CPA firm that understands your overall goals and can identify if it is a good investment for you.