These eight powerhouse tax strategies provide business owners and high-net-worth individuals with a comprehensive approach to reducing their tax burden and maximizing financial growth.

The key focus areas include evaluating rental property profitability, understanding the tax implications of being classified as an investor versus a dealer, the advisability of holding property in various business entities, strategies to optimize passive activity losses, and additional considerations for advanced real estate tax planning.

The Augusta Rule provides a valuable strategy for business owners to earn tax-free income by renting their homes to their businesses for up to 14 days per year. By following the outlined guidelines and maintaining proper documentation, you can leverage this tax-saving opportunity effectively.

By routinely assessing your financial health, including cash flow, profitability, and debt management, you can identify potential issues before they become critical and make informed decisions to strengthen your business’s financial foundation.

This blog post provides a comprehensive guide for Airbnb hosts on how to properly classify, report, and deduct rental income and expenses, including an explanation of vacation home rules and the distinction between passive and non-passive income.

In the latest edition of Monthly Tax Saving Tips, we explore how cost segregation can accelerate depreciation deductions for property owners, offering significant early tax benefits. Additionally, we examine how limited partnerships can help passive investors avoid self-employment taxes, though active participants must still pay these taxes.

By implementing this policy and utilizing the provided form, businesses can ensure that employees working from home are reimbursed fairly and in compliance with IRS guidelines. This not only supports your remote workforce but also helps in maintaining accurate financial records and optimizing tax benefits.

This case study outlines the process for reimbursing an employee trading in an old vehicle for a new SUV, including calculating net purchase price, business use percentage, various depreciation methods, and ensuring proper documentation and compliance with company policies.

This policy outlines the procedures for reimbursing employees for the business use of their personal vehicles, including calculating and reimbursing depreciation expenses under Section 179 expensing, bonus depreciation, and MACRS depreciation, and ensuring compliance with IRS regulations and company guidelines.

Implementing an accountable plan is a strategic way to manage employee reimbursements while maintaining compliance with IRS regulations. By following the guidelines outlined in this blog, businesses can ensure efficient, tax-compliant reimbursement processes.

Determining reasonable compensation for small business owners involves balancing salary, profit distribution, and fringe benefits while ensuring compliance with tax regulations and maintaining the business's financial health.

"Thou shall not commingle" is more than just a guideline—it's a foundational principle for sound business management. By keeping your business and personal finances separate, you protect your legal interests, ensure financial clarity, uphold professional integrity, and build a solid foundation for your business's growth and success.

In this May edition of Tax Savings Tips, we’ll discuss how to protect yourself from costly payroll fraud, selling your home to your S Corporation, the tax implications of shutting down a partnership, and why no business income means no home-office deduction.

In this edition of tax-saving tips, we’ll discuss how to turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel. We’ll also look at how the BOI Reporting Deemed Unconstitutional for Some and how Tax Reform Doubles Down on S Corporation Reasonable Compensation.

March 2024 Tax Saving Tips: Traditional and Roth IRAs: A Brief Overview; Get up to $32,220 in Sick and Family Leave Tax Credits; New Crypto Tax Reporting Rules Are Coming Soon

Question from a client: “I wondered if you had any recommendations on Roth IRA’s vs traditional IRA’s in my situation.  I have been putting most of our money into Roth IRA’s over traditional IRA’s to avoid taxes later (same with 401k investments). 

February 2024 Tax-Saving Tips: Estimated Tax Penalties, The IRS Annual Dirty Dozen List and Tax Implications of Selling Qualified Improvement Property (QIP)

Update: Corporate Transparency Act Requires BOI Reporting to FinCEN and New 1099-K Filing Rules Delayed Again .

What does it mean if your workers become employees? How can you keep Independent Contractor status for your workers? These are the questions that every business owner is going to need to ask in 2024.

IRS provides penalty relief … IRS is giving out holiday gifts!