Section 199A -Qualified Business Income Deduction What businesses are eligible: available to individuals with Qualified Business Income C-Corporations and pass-through entities are not eligible. Qualified Business Income may be generated by Sole…
S-Corp Reasonable Compensation ins and out There is a lot of misconception on how to pay yourself that Reasonable Compensation when your company is an S-Corp. There is a big struggle to…
HSA as a Tax Savings Strategy. Tax Saving Strategy I’m sure you have heard of HSA as a tax savings strategy. Now, let’s talk more about it, in case, you…
Financial Planning Doesn’t Start One Day Before the April 15th Tax Filing Deadline. Is it April 15th and you are dragging your tax files to your accountant, thinking, I wish…
Foreigners Investing In Real Estate in the U.S. Tax Implications When Foreigners Investing In Real Estate in the U.S. The tax would be reported to the U.S. because the property…
As you already know, the Tax Cuts and Jobs Act removed personal property from the deferred tax treatment for like-kind exchanges. In most real-estate exchanges some amount of personal property…
The IRS has increased the number of audits they perform regarding foreign accounts. As you may already know, if you don’t report your foreign accounts, you will be subject to…
Business Tax Deductions: Home Office Deduction. According to the IRC 26 U.S. Code ??280A, https://www.law.cornell.edu/uscode/text/26/280A home-office must be in connection with your trade or business (or with your income-producing activity)…
Meals and Entertainment are surprisingly under-explained. Let’s start with the basics: https://www.law.cornell.edu/uscode/text/26/274 explains the basics of what can be deducted https://www.federalregister.gov/documents/2020/02/26/2020-03723/meals-and-entertainment-expenses-under-section-274 explains in details https://www.ustaxcourt.gov/UstcInOp2/OpinionViewer.aspx?ID=11982 Court Case Fitch v Commr. Court Case The…
What to do when you receive CP2000? When the IRS sends out CP2000 letters, they explain in detail what the taxpayer needs to do to resolve the issue. CP2000 proposes…
