K-1 Tax Strategy Issues: Why You Can't Ignore the Leaks K-1 tax strategy issues are one of the biggest hidden threats to your wealth—and most business owners don’t even know they’re there. Hmmm…. Last week, something caught my eye in a client’s returns. The K-1 wasn’t showing the numbers I expected. (If you want to […]
What to Do About Incorrect 1099-NEC Reporting and How to Avoid Overpaying Taxes When the IRS sends you letters, pay attention! Especially if you receive something called a “1099-NEC” form. It might mean you're being taxed on money you never actually received in that year. ❌ And you will NOT overpay the IRS - not […]
You may have seen headlines recently about something called the “One Big Beautiful Tax Bill.” (We had two emails on it last week.) This bill has been labeled as either a much-needed economic catalyst and a fiscal time bomb. But here’s the truth: the bill itself isn’t the real issue. The U.S. has been on […]
When you own rental property, depreciation is your best friend.
One reason depreciation is so valuable is that, unlike deductible rental property expenses such as interest and maintenance, you get to claim depreciation year after year without having to pay anything beyond your original investment in the property.
IRS launched an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications. To provide this verification service, the IRS is using ID.me, a trusted technology provider.
If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are needed to release the worker and the IRS a Form 1099-NEC no later than January 31, 2022, for 2021 payments.
Claimed the employee retention credit (ERC) in the 4th quarter of 2021? Read about a retroactive change impacting the credit for the 4th quarter of 2021.
Bid farewell to the employee retention credit (ERC) for the 4th quarter. Lawmakers giveth, and lawmakers taketh away.
In this case, what lawmakers did is pitiful. It's like magic: now you see it, now you don't.
The majority of taxpayers do not deliberately sustain tax penalties, however lots of who are penalized are merely not aware of the penalties or the possible damage they can do to their finances. As tax season approaches, let's take a look at several of the more frequently experienced penalties and how they might be prevented.