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Blog Posts

Selling Your Home to Your S Corporation

Selling Your Home to Your S Corporation

If you want to convert your home to a rental property, you can improve your tax benefits by selling it to your S corporation. Benefits of Selling Your Home to Your S Corporation Tax savings on home sale profit. By selling your home to your S...

No Business Income, No Home-Office Deduction?

No Business Income, No Home-Office Deduction?

You may have heard you cannot claim a home-office deduction without business income. That’s not accurate, as I explain below. Points to Consider Claim business deductions with no business income. Even if your business did not generate income...

Protect Yourself from Costly Payroll Fraud

Protect Yourself from Costly Payroll Fraud

When you own and operate a business, you must exercise vigilant oversight, including watching over your payroll taxes. Here’s an example of why Rodney Taylor entrusted his corporation’s accounting and bookkeeping to Robert Gard, CPA. Over...

Tax Implications of Shutting Down a Partnership

Tax Implications of Shutting Down a Partnership

As you consider winding down your partnership, here’s a concise overview of what you might expect under three typical scenarios of partnership dissolution. Scenario 1: One Partner Buys Out the Others If one partner buys out the others and...

BOI Reporting Deemed Unconstitutional for Some

BOI Reporting Deemed Unconstitutional for Some

On January 1, 2024, the Corporate Transparency Act (CTA) went into effect. The CTA requires most smaller corporations, most limited liability companies, and some other business entities to file a beneficial ownership information (BOI) report...

IRAs for Young Adults

IRAs for Young Adults

As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the 2023 tax-year contributions deadline fast approaching on April 15, 2024, now is the perfect time...

Get up to $32,220 in Sick and Family Leave Tax Credits

Get up to $32,220 in Sick and Family Leave Tax Credits

If you are self-employed or operate a small corporation, it’s likely that you have not applied for your sick and family leave tax credits. If that’s the case, we will need you to get your act together so we can file amended 2021 and 2020 tax...

New Crypto Tax Reporting Rules Are Coming Soon

New Crypto Tax Reporting Rules Are Coming Soon

If you invest or trade in Bitcoin, non-fungible tokens (NFTs), Stablecoins, or other digital assets, prepare for sweeping new tax reporting requirements. Congress wants the IRS to crack down on taxpayers who buy and sell crypto but don’t report...