The Internal Revenue Service is back with its hand out, pleading for over $100 billion in new funding from Congress. This comes despite the agency receiving a massive $60 billion cash infusion just last year from the Inflation Reduction Act.
A Cautionary Tale for Business Owners: The Cost of Ignoring Tax Obligations Running a successful business is challenging enough without adding tax troubles to the
Series LLCs have emerged as an innovative business structure that allows a master LLC to create separate “series” with compartmentalized assets and liabilities. While they offer potential benefits like asset protection and cost efficiency, series LLCs also come with uncertainties surrounding their legal status and tax treatment.
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Cost segregation is a powerful tax strategy for owners of residential rental and commercial properties. By breaking down a property into its various components, owners can accelerate depreciation deductions, resulting in significant tax savings, especially in the first few years of ownership. This comprehensive guide explains how cost segregation works, its benefits and potential drawbacks, and when it’s most advantageous to conduct a cost segregation study. Whether you’re a seasoned property investor or just starting out, understanding this strategy can help you optimize your tax benefits and improve your investment returns.
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Dealing with IRS penalties can be overwhelming, with over 148 different types potentially adding significant costs to your tax bill. However, many of these penalties can be reduced to zero if you can demonstrate reasonable cause, such as medical issues, bad advice, or natural disasters. Learn how to navigate the process of penalty abatement, potentially saving yourself thousands of dollars, and find out why professional tax help can make all the difference. Don’t let IRS penalties weigh you down – take control of your financial future today.
The Dirty Dozen represents the worst of the worst tax scams. Compiled annually by the IRS, the Dirty Dozen lists a variety of common scams
Are you looking for a game-changing way to ramp up your retirement savings? Enter the mega backdoor Roth IRA strategy. While the traditional backdoor Roth
Duncan Bass, a dedicated worker holding two W-2 jobs and running multiple businesses including a landscaping service, a janitorial company, and a used clothing store,
Are you looking to make your home more energy efficient? The IRS reminds taxpayers that upgrading their homes with energy-efficient improvements could qualify them for
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