Real Estate Investments And Your Taxes
Do you invest in commercial real estate? You don’t need to be a mogul to do it, and certain tax advantage can make it worthwhile. Some recent tax changes should be noted, however, even for those who aren’t new to investing in commercial real estate as part of their portfolio. Click To View
Your 3 Types Of Taxed Income
Taxes are fickle. One classification misunderstanding and the IRS could blindside you with a tax or a tax rate you weren’t expecting. Small business owners are especially vulnerable since their personal and business assets can be uncomfortably intertwined. The key to tax savings is in understanding three main types of taxed income and how the […]
Forensic Accounting Lessons From The College Admissions Scandal
If the recent college admissions scandal has you scratching your head wondering, “how did they get away with it for so long, and how was it uncovered,” wonder no more. There’s no doubt that forensic accountants played a role, and what they did to uncover the payoffs might save your own business one day. The […]
Not All Postmarks Are Valid To The IRS
While printing postage from the internet is convenient, it may not be a good idea to do so for payments or petitions mailed to the IRS. That’s what one taxpayer recently learned when her correspondence was regarded as being late despite the timely date her private postage label clearly displayed. In this case, the woman […]
Accounting Lessons From The NBA’s Zaza Pachulia
NBA star Zaza Pachulia and his wife recently learned the hard way that it’s critical to use a reputable accountant. Pachulia’s identity was used by his accountant, Randy Usow, to defraud the IRS of more than $800,000. The case is eye-opening in several ways: Pachulia and his wife worked with Usow for about seven years […]
Expert Witnesses Are Not Immune To Malpractice Claims
A Michigan Court of Appeals recently ruled that expert witnesses can’t simply claim witness immunity for testimony that can be considered incompetent. Instead, licensed professionals acting as expert witnesses owe the same professional diligence to the party for which they testify as they would to any client. Failing in doing so could result in malpractice. […]
How Hobbies Get Taxed
Hobbies are a great distraction from the hustle and bustle of work. If you’re retired, they can be equally fulfilling. Over time, some of us become so good at our hobbies that they start providing income for us. How many gardeners, crafters, bakers, woodworkers, photographers, and other hobbyists do you know who have found an […]
Retiring In 2019
Retiring soon? Congratulations! Certain changes in the tax code affect your income taxes as you retire, including healthcare deductions and Social Security distributions. If you’re a business owner, other changes can affect how you plan your succession and the potential sale of your business. Below are some considerations that could determine how much of your […]
When A Loan Triggers A Tax Debt
Funds received as proceeds of a loan aren’t taxable as long as you’re expected to pay it back. However, the moment some or all of the debt is forgiven (and doesn’t need to be paid back), the IRS will jump in and want its cut. Don’t be caught off-guard by unexpected income taxes when this […]
YOU are not your business
When it’s time to sell your business, you might discover you’re tied too much of yourself into it. Your money, assets—even your reputation—can be so entwined in the business that they’re difficult to separate. Unwinding those ties can be costly and confusing. Save yourself the trouble and consider the following areas to address while creating […]