Business Success Tips
Unfair Stop to Processing New ERC Claims
The IRS is on a tear against improper employee retention credit (ERC) claims. Here are four recent actions taken by the IRS: Unfair Stop to Processing New ERC Claims On September 15, 2023, the IRS announced a temporary halt on processing new ERC claims until after the...
Act Now! Get Your Safe-Harbor Expensing in Place
For 2024, you can elect the de minimis safe harbor to expense assets costing $2,500 or less ($5,000 with audited financial statements or similar). The term “safe harbor” means that the IRS will accept your expensing of the qualified assets if you properly abided by...
What’s the Difference? “Real Estate Investor” and “Real Estate Dealer”
I have great news! You can have in your real estate portfolio both investor and dealer properties. This distinction is significant for tax purposes. Here’s a snapshot of the potential tax differences: Suppose you profit $90,000 from a property sale: As a dealer, your...
Key Insights into Depreciation from Beginning to Middle to End
In our continuous effort to provide value, here are some crucial insights into depreciation, particularly regarding business or rental assets. When Does Depreciation Start? Technically, depreciation begins not when you use an asset but when it’s ready and available...
Why Some Business Owners Prefer Individual HSAs
The Affordable Care Act (ACA) eliminated most small business health plans that reimbursed individually purchased health insurance. Consequently, many small business owners chose health savings accounts (HSAs) or opted to provide no health coverage at all. As of 2022,...
Hobby Loss Rule Raises Its Ugly Head Again
I want to bring to your attention some recent developments regarding the “hobby loss rule.” Given that many of my clients have diverse sources of income, some of which might be considered hobbies, I believe this information could be of great importance to you. What Is...
Wildfires and Storms: Tax Relief – A Joke
I hope this letter finds you and your loved ones safe and well. Recent natural calamities in various parts of our nation have caused considerable distress. I want to bring to your attention some crucial tax-related implications and preventive measures you may...
Test Your Tax IQ: Can you Deduct More Than One Business Vehicle?
Contrary to popular belief, the IRS does not limit business owners to claiming deductions on only one business vehicle. You might maximize tax benefits by using multiple vehicles for business purposes. This is particularly true when you use the vehicles predominantly...
7 Reasons to Choose the Digital Nomad Path
Ever had the thought of becoming a digital nomad? It's an incredible lifestyle where you can work online and have the freedom to explore the world, working from any place you fancy, whether it's a cozy coffee shop or a bar on a breathtaking beach. If you're still on...