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...

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...

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,...

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...

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...

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...