Eldercare and Your Taxes
As nursing homes and eldercare facilities have been in lockdown this year, you may have suddenly taken on primary caregiver responsibilities for a loved one. It’s a tough job and one that only becomes more daunting as the bills pile up. But there are some critical tax deductions you can take as a caregiver that […]
Lose Money on a Vacation Rental This Year?
The coronavirus pandemic has forced many of us to consider our business succession and estate plans. No matter how successful you are or how well you take care of yourself, your financial situation and health are both surprisingly fragile and undeniably intertwined, two truths that have become more apparent in recent times. Click To View
Exit and Estate Planning for Business Owners
Travel and tourism spending in Texas dropped 86% over the spring months. If you own a vacation rental property, you’re feeling that sting. Maybe your rental income plummeted and has yet to recover. Click To View
Financially Surviving A Downturn
While the current economic distress we’re facing is due to an unprecedented chain of events, there are lessons from past downturns that can be applied as well as new opportunities — from tax credits to forgivable loans — that you can consider. You can start by taking the following three steps. Click To View
Be Tax-Scam Savvy
Hardworking taxpayers have lost millions of dollars and their personal information to tax scams. It’s a problem that’s not going away. Your best defense is to be vigilant and arm yourself with the latest news. Let’s look at three of the top scams circulating right now. Have you experienced them? Click To View
What’s The Deal With Opportunity Zones?
The Tax Cuts and Jobs Act introduced a new tax-lowering investment tool called Qualified Opportunity Zones (QOZs). Those willing to invest long-term in QOZs receive special tax advantages. But it’s new territory for both investors and developers, and with that new territory comes a learning curve. Click To View
Are You Deducting It?
Running your own business? Small business deductions can really add up for entrepreneurs. And while many business owners are on top of deductions like meals and entertainment, mileage, and payroll taxes, dozens of other deductions can be overlooked. Don’t forget to log the following expenses for consideration when tax time rolls around… Click To View
Loans Between Loved Ones
Loaning money to family and friends is a tricky business for many reasons. Taxes are among them. Funds received as proceeds of a loan aren’t taxable if the borrower is expected to pay it back. However, the moment some or all of the debt is forgiven (doesn’t need to be paid back), the IRS will […]
Your Three Types Of Taxed Income
Taxes are fickle. One classification misunderstanding and the IRS could blindside you with a tax or 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 money […]
Home Sweet Home: Office Deductions
Work from home regularly? Many people do these days. Thanks to technology, an increasing number of executives and business owners find that working from home can be just as productive as heading into the office. You can even get a tax deduction for your home office if you meet IRS criteria. Click To View