Tax and money concept, representing estimated tax penalty increase.

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The Estimated Tax Penalty is at a 16-Year High

The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be made to the IRS throughout the year as income is earned. This can… Read Now >>

How NFT Transactions Can Affect Your Taxes

April 11, 2023
Digital artwork, representing NFT transactions and taxes

If you bought, sold, donated or received a non-fungible token (NFT) in 2022, you must answer “yes” on the digital assets questions of your IRS Form 1040. You may also be liable for paying taxes or be able to claim… Read Now >>

How to Maximize Tax Deductions from Your Meals and Entertainment

March 15, 2023
restaurant table, representing tax deductions for business meals and entertainment

There have always been many questions surrounding tax deductions for business meals and entertainment. The past two years had very generous tax deductions thanks to President Biden’s Consolidated Appropriations Act of 2023. Businesses were able to deduct 100% of business-related… Read Now >>

Why You Don’t Want to Hold Property in a C-Corp

March 9, 2023
Chess board with houses, representing C-corp property holdings

Investing in real estate is generally a great long-term plan. The market has cooled off in most parts of the country, so good properties are available at attractive prices. However, taxes can be a major concern for C-corporations. Owning real… Read Now >>

What You Need to Know About IRA RMDs

March 1, 2023
pennies, representing RMD for IRAs.

If you have an IRA or other tax-deferred retirement account like a 401(k), you must start taking required minimum distributions (RMDs) once you reach a certain age. The SECURE 2.0 Act raises the age at which RMDs must first be… Read Now >>

Understanding Passive Loss Rules for Rental Property Owners

February 22, 2023
Home interior, concept for passive loss tax rules

Passive loss rules have been commonly misunderstood by rental property owners since they were first introduced in 1986. Today, we want to provide a better explanation of passive loss rules and how you can use the current tax laws to… Read Now >>

(Replay) Implementing The Profit First System

February 17, 2023

Pros and Cons of a Delaware Statutory Trust

February 15, 2023
Commercial buildings, representing Delaware statutory trust investment

Last week, we talked about the tax advantages of Section 1031 exchanges. You can sell qualified assets like real estate and avoid taxation by purchasing like-kind property. Your heirs can also benefit from 1031 exchanges if the new property is… Read Now >>

Tax Advantages of a Section 1031 Exchange

February 8, 2023
Key in the door, Section 1031 exchange concept

It’s no secret that Section 1031 exchanges offer a great wealth-building solution for real estate investors. It allows you to make a like-kind exchange of properties with tax-deferred advantages. Tax Advantages of 1031 Exchanges You will be able to avoid… Read Now >>

Are Airbnb Owners Subject to the Self-Employment Tax?

February 1, 2023
Vacation home bedroom, self-employment tax Airbnb concept

If you earn rental income from an Airbnb or other type of short-term rental service, you may be subject to self-employment taxes. The extent of your tax liabilities may depend on your legal business structure and how much you earned… Read Now >>