People are Die Hard Fans of Tesla and they absolutely love Model X. Not only its a great looking SUV but it comes with best tax benefits. Some buy it as its electric and many buy it because they can use this vehicle for conducting their business and get thousands in tax write offs. In…
Category: Taxes
Can You Sell a Property With a Tax Lien?
If you have A Federal Tax Lien on your home or a property that you are looking to sell, you can still sell the property but you will need to follow IRS rules regarding paying off the lien and may take longer to close the property escrow. Can I Sell My House With A…
Tax Deductions For Restaurant Owners: Ultimate Guide
When you are a Restaurant owner, you have dozens of things to manage from employees, inventory and insurance. Its critical that you watch for every penny so you can maximize your profit. Small change in food cost or labor cost can dramatically change your profitability. We have compiled a list of Tax Deduction for Restaurant…
12 Helpful Tax Strategies for Beginners
Let’s face it, filing your taxes each year can be a daunting task that almost no one wants to deal with. If you are just starting your career or your business and you need help figuring out the best tax strategies to get the most out of your tax return this year, then there are…
LLC for Rental Property in California
Do you own rental properties in California? Are you in the process of obtaining rental properties? Regardless of what stage you are in your rental investor stage, it would be best if you considered forming an LLC. Forming an LLC for your rental properties comes with a plethora of benefits that you may or may…
Tax Planning for Retirement
When you retire, tax planning is likely at the bottom of the list of things you want to be spending your time on. We believe, starting tax planning for Retirement as early as possible is a great way to keeping taxes low or zero during retirement years. This means thinking about where and when to…
Self Employment Taxes vs. Regular Income Taxes
Ah, America’s favorite season is finally here. Luckily for all of us, tax filing season begins on January 24th this year, so it’s time to prepare ourselves. Well, this year is a little different for many, as the so-called “great resignation” has fueled a large number of people to become self-employed for the first time. In…
What Is the Difference Between a CPA and a CFA?
Taking charge of your finances can be a struggle. In fact, nearly 40% of Americans struggle with their finances in some capacity. To combat this issue, many people turn to CPAs and CFAs. These financial professionals can help individuals get their finances back in check. If you’re planning to work with one of these professionals, it’s important…
Can an S Corp Do a 1031 Exchange?
Are you a small business owner or are you a real estate investor looking to see ” Can an S Corp Do a 1031 Exchange”. Answer is YES. As long as you sell the Real Estate that is held under the S Corp and buy another property under the Same S Corp you allowed to…
Do You Want to Apply Your Refund To Next Year’s Return?
There are only 3 options when it comes to filing taxes. Either you pay taxes, break even or get a refund from the IRS. If you are getting a refund, your accountant or tax software may ask you “Do you Want to apply your refund to Next Year’s Return?” Read on to better understand your…
