Do you know that there are dozens of Tax Credits designed to help you put more money in your pocket? We have compiled this comprehensive list of “IRS Tax Credits: The Complete Guide” as a resource that you can utilize to help save tax dollars. We will show you both Individual Tax Credits and Small-Business…
Category: Taxes
11 Common LLC Questions
Many small business owners who are looking to open an LLC or currently have an LLC owners have several simple, yet important questions. Some of these questions pertain to legal structures and others regarding how the LLC is taxed. Our Article “11 Common LLC Questions” help answer these questions in detail below. 1. How…
Tax Deductions for Real Estate Agents 2021-2022: Ultimate Guide
As a Real Estate Agent you are always on the go and spending money left and right to make things happen. Whether you are helping a customer sell his home, or helping someone else buy a rental property, you are always spending money. Have you ever thought which for these expenses are a tax write…
How to Tell If a Company is an S Corp or C Corp?
There are 3 Ways to Tell if your Company is C Corp or S Corp.
1. S Corp Acceptance Letter from IRS
2. By Reviewing Filed and Accepted Tax Return 1120 or 1120S
3. Contacting IRS Via Phone or Local Office
Best Income Tax Calculators
We all have many questions regarding tax and sometimes it seems like a mystery if we will be paying this year tax or getting back a refund. If you don’t want to be shocked by the tax bill and want to know your tax liability ahead of time so you can budget accordingly, we have…
S Corp Tax Deadline 2021-2022
Are you a small business and own a S Corp? Are you wondering what is S Corp Tax Deadline 2021-2022? We will be discussing what is the S Corp deadline for 2021-2022 (Form 1120S) with or without extension. S Corp is a passthrough entity and passes all of its income, losses and credits by issuing…
Tax Advantages of Rental Property
Main tax benefits of owning rental property include reducing or eliminating taxable income by offsetting Rental Income with deductions such as operating expenses & depreciation
Avoiding Self Employment Tax, FICA(Social Security & Medicare) Taxes
Ability to Defer Capital gains tax and depreciation recapture tax when Landlord or Real Estate investor conducts a 1031 tax deferred exchange.
Step Up Basis when Real Estate Properties are Passed from one generation to Another.
Tax Benefits can only be maximized if you keep good records and a paper trail for each Rental Real Estate Property.
What Small Business Expenses Are Tax Deductible in 2021-2022?
When you are a small business owner you spend money on many things to keep your business afloat. Many of these expenses simply sustain your business, and other expenses may help you grow your business. What Small Business Expenses are Tax Deductible in 2021-2022?? This is an excellent question and we will answer this question…
Reasonable Salary for S Corp Owners
As an accountant I hear this question a lot ” What’s Reasonable Salary for S Corp Owners? “I advice small business owners everyday “It Depends”. Its sounds like a vague answer, but it is very true as reasonable compensation is based on various facts and circumstances. Many Small Business Owners setup S Corp to help…
California Sellers Permit: Helpful Guide
State of California Sellers Permit is one of the many requirements when you are either starting or purchasing an existing business in California. When you start a business, you need to meet City, County and State Requirements such as City License, Fire Department and Health Permit. In this articles we will be discussing all aspects…
