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.
2021 Tax Season- Form 1099- NEC
January 03, 2022
Last year the IRS released Form 1099-NEC for businesses to report non-employee compensation of $600 or more, and the same rules will apply for the 2021 tax season.
Tax Tips: Per Diem Rates and 100% Deduction for Food or Beverages
December 20, 2021
The IRS has issued guidance that clarifies how the temporary 100% business deduction for food or beverages from restaurants applies to taxpayers properly applying the rules for using per diem rates.
Year-End Tax Strategies - Donor Advisory Funds
December 15, 2021
Having a 7-figure realized (or about to be realized) gain of million dollars in stock sales this year and dreading of their taxes? Donating to a Donor Advisory Funds (DAFs) may be the answer. In a nutshell, you can donate the stocks into the fund if the gain is unrealized or donate the cash to receive an immediate tax deduction while having more time to review the options of what charities you will support.
TAX TIPS: 2021 Tax Planning: Home Office Deduction
November 30, 2021
During the COVID pandemic, many employees were forced to work from home. Today more people are working from home than ever before. For many employees, remote work may allow them to claim a home office as a deduction for the first time.
Luxury Auto Depreciation Caps and Lease Inclusion Amounts
November 23, 2021
If you use your vehicle for business purposes, the Internal Revenue Service allows you to write off some of the vehicle's cost. By depreciating your vehicle, you deduct a specified amount of your taxable income to account for the vehicle's loss of value for each year of use. The IRS sets annual depreciation caps for luxury vehicle owners who opt for the actual cost method over the standard mileage rate.