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The IRS Annual Dirty Dozen List

The IRS Annual Dirty Dozen List

Have you heard about the enormous tax savings you can reap by investing in a Maltese individual retirement arrangement or utilizing Puerto Rican captive insurance for your business? Before you invest your hard-earned money in these or other...

Estimated Tax Penalties

Estimated Tax Penalties

The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be made to the IRS throughout the year as income is earned, whether through withholding, by...

Do You Qualify as a Tax Law–Defined Professional Gambler?

Do You Qualify as a Tax Law–Defined Professional Gambler?

When it comes to taxes, the tax code treats professional gamblers better than recreational gamblers. Unlike recreational gamblers, professionals get to deduct all their gambling expenses (including travel, lodging, and meal expenses) up to...

New 1099-K Filing Rules Delayed Again

New 1099-K Filing Rules Delayed Again

Do you sell goods or services and receive payment through a third-party settlement organization (TPSO)? if so, you must know the IRS’s new Form 1099-K reporting rules. TPSOs include: payment apps such as PayPal, Cash App, and Venmo; online...

Corporate Transparency Act Requires BOI Reporting to FinCEN

Corporate Transparency Act Requires BOI Reporting to FinCEN

The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business entities. Corporations, LLCs, and...

Deducting Start-up Expenses for a Rental Property

Deducting Start-up Expenses for a Rental Property

Are you interested in becoming a commercial or residential landlord? If so, you’ll likely have to shell out plenty of money before ever collecting a dime in rent. The tax code treats some of those monies as start-up expenses. Start-up expenses...

Beat the Net Investment Income Tax

Beat the Net Investment Income Tax

Here is some important information regarding the net investment income tax (NIIT), which may be relevant to your financial situation. NIIT Overview The NIIT is a 3.8 percent tax that could apply if your modified adjusted gross income (MAGI)...

New FinCEN Filings Go into Effect on January 1

New FinCEN Filings Go into Effect on January 1

For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited liability companies, and limited partnerships and on certain...

Last-Minute Year-End General Business Income Tax Deductions

Last-Minute Year-End General Business Income Tax Deductions

The purpose of this article is to reveal how you can get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you...