Tax Tips June

Cost Segregation: Is This Strategy for You?   One significant tax benefit of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you get without spending any additional money.   But regular depreciation for real property is slow. Residential rental property is depreciated over 27.5 years and non-residential property over 39 … Continue reading “Tax Tips June”

Tax Tips May

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 several years, Mr. Gard embezzled between $1 million and $2 million, … Continue reading “Tax Tips May”

Tax Tips April

Turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel   Here’s an idea: how about transforming your next vacation into business travel?   With careful planning, your transportation to any destination could be fully deductible. This includes airfare—even first-class—luxury hotel stays, and cruise expenses. If you can tie your travel to business purposes, you can … Continue reading “Tax Tips April”

Tax Tips March

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 to consider how you can leverage an IRA.   Traditional and Roth IRAs: A … Continue reading “Tax Tips March”

Tax Tips February 2024

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 making estimated tax payments, or both.   You suffer … Continue reading “Tax Tips February 2024”

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