Facebook Tracking

Blog

Author: admin

Corporate Transparency Act
Corporate Transparency Act
Tax-Saving Tips

Corporate Transparency Act Requires BOI Reporting to FinCEN  The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes

Tax Evasion
Former Springfield Golf Professional Sentenced for Tax Fraud: A Cautionary Tale for Business Owners

This blog post examines the case of a former golf professional sentenced for tax fraud, highlighting the severe consequences of evading taxes and skimming business revenues. It offers valuable lessons for business owners on maintaining accurate records, understanding tax obligations, and the importance of compliance to avoid legal and financial repercussions. The post also provides insight into the role of the IRS Criminal Investigation division in prosecuting tax-related crimes.

Business
Maximize Your Home Office Deduction: Smart Strategies for S Corporation Owners

This blog post explains why S corporation owners shouldn’t rent their home office to their business and instead opt for employee reimbursement. It outlines the tax-efficient strategy of having the S corporation reimburse the owner for home office expenses, detailing the process and benefits of this approach for maximizing tax savings.

Business Tax Benefits
Boost Your Cash Flow by Writing Off That Old Roof

This post explains how business owners can get a valuable tax deduction by writing off the remaining basis of an old roof, elevator, HVAC system or other building components when replacing them. It covers the three key benefits: an immediate tax deduction, reducing depreciation recapture tax later, and the time value of investing the upfront tax savings. An example illustrates just how lucrative this strategy can be for boosting cash flow.

Tax Relief Insights & IRS Help Articles
The Key in Tax Resolution is to Define the Solution

so the problem doesn’t repeat itself For business owners and self-employed individuals who owe over $100,000 to the IRS, you’re going to want to listen

Business
Beware of Bad Tax Advice on TikTok: A Cautionary Tale

The Tax Court denied equitable relief to a taxpayer seeking Innocent Spouse Relief after his ex-wife improperly claimed deductions on their joint tax return. Despite meeting several conditions, the court ruled that the taxpayer’s lack of involvement in reviewing the return and claiming a refund undermined his claim of innocence.

Back Taxes
IRS Tackles Superbowl Champ for $15 Million in Unpaid Taxes

As a business owner, keeping your finances in order is crucial not just for your company’s success but also to stay compliant with tax laws. A recent high-profile case serves as a cautionary tale about the severe consequences of neglecting tax obligations.

Minded woman customer female buyer client wears blue shirt chooses auto between two cars wants to buy new automobile in car showroom vehicle salon dealership store motor show indoor. Sales concept
Business
Who Should Own the Business Car: Corporation or Individual?

Deciding who should own the business car—yourself or your corporation—is a crucial decision for single-owner S corporations. This choice impacts insurance rates, tax deductions, and administrative complexity. Individual ownership may offer better insurance rates, but it complicates reimbursements and tax reporting.