If you have more than one home, renting one to a relative may appear at first glance to be a win/win. A son, daughter, cousin or old mother would take good care of the property, and you could help your relative by giving them a break on their rent. But
We are continuing to bust the myth that significant tax savings are only applicable to the rich and wealthy. Countless moderate-income earners are utilizing the same strategies to reduce their adjusted gross income (AGI) and overall tax liability. So, if lowering your AGI is considered “above the line” deductions, are
By now, everyone has figured out that America’s wealthy and elite are not always avoiding taxes through illegal means. There are thousands of court-tested, law-abiding strategies that help the 1% avoid paying billions of dollars in taxes year after year, like the ProPublica article “The Secret IRS Files: Trove of
It’s common practice for businesses to take on debt, but unforeseen occurrences like a recession or a pandemic might make it more challenging to make payments on time. There are many small business owners who are, at the moment, having difficulty paying back their corporate debt. There are other options
Taxes can be stressful. The last thing you want to do is send more of your hard-earned money to the government. Fortunately, various tax reduction techniques are available to help families with children lower your taxable liability. Consider some of the six strategies listed below if you want to reduce
By Dominique Molina, CPA MST CTS Question: How much time should I devote to studying tax planning? Can’t I just select a software providing artificial intelligence to inform me what to do?Answer: To answer this question, I’ll ask this question in response: are you a user of TurboTax or a
As part of the tax planning process, business owners looking to sell their S corporation first need to establish whether they are selling the stock or the assets of the business. What is the difference from a tax perspective? An asset sale will involve assigning each business asset to an
Business owners looking to sell their S corporation may start to get tangled up in all the details, especially if they are a first-time seller. This can lead to overlooking one key part of the sales process: tax planning. The decisions you make in structuring the sale will have a
One of the many benefits of working with a tax professional is the guidance they provide in developing tax return positions that substantiate why certain income qualifies for tax-exemption or why you are eligible for a certain tax deduction. When tax professionals prepare a tax return, they are typically aiming
As news headlines proclaim stories of tax fraud, taxpayers may wonder how they can trust that their tax preparer is abiding by ethical practices. Fortunately, the Treasury Department provides a resource that regulates practice before the IRS for certified public accountants (CPAs), attorneys, and enrolled agents. Known as Circular 230,