Tax Home vs. Personal Home

Did you know the fact your personal home is not your tax home is an income tax issue?   How about this: business travel is different from business transportation. Confused yet? Don’t worry, I’m here to clarify! Your tax deductions, tax strategies, and tax records hinge on these federal income tax–defined terms: Personal home TaxContinue reading Tax Home vs. Personal Home

Failure to File

If you didn’t issue Form 1099s to your contractors, don’t freak out! I’m here to help. Since you failed to file From 1099s, the IRS is probably auditing your tax return. The auditor is claiming you lose your deductions because you didn’t issue the Form 1099s. Is this correct? You’ll be happy to hear theContinue reading Failure to File

Why and When for LLCs?

Have you ever been told by an accountant, or anyone for that matter, you should only open an LLC if you have over a certain amount of money? Well, I’m here to tell you that’s bogus. It might as well be malpractice. I’m going to give you two basic points about having an LLCs andContinue reading Why and When for LLCs?

Mortgage Interest

I want to talk about something that could seriously affect your mortgage. So if you are a homeowner, pay special attention to what I’m about to tell you. The Tax Cuts and Jobs Acts changed how much you can deduct in mortgage interest for tax years 2018-2025. Here’s the breakdown: You no longer can deductContinue reading Mortgage Interest

Trust Situs

When the tax season comes around, you will often see people crossing their fingers and whispering a silent prayer that they will receive a refund. The sad truth is few are doing so. We can all relate to the feeling though. The tax code (and IRS customer service) are intimidating, so most people leave theContinue reading Trust Situs

All About Rentals

The tax reform, known as the Tax Cuts and Jobs Act (TCJA), recently added some benefits to both your residential and commercial real estate rentals. Did you know your qualified business income from your real estate rentals creates a possible 20% tax deduction with no effort on your part? And if you want less taxableContinue reading All About Rentals