Author name: yen@bascexpertise.com

Ponzi schemes are unfortunately still a threat to investors. In 2024 alone, authorities uncovered 60 alleged Ponzi schemes involving $3.25 billion in investor funds—the highest amount since the Great Recession. If you’ve fallen victim to a Ponzi scheme, there’s some good news on the tax front: the IRS tax-favored Ponzi scheme loss deduction rules remain […]

If you’ve made a depreciation error in the past, there’s no need to worry, good news is on the way. Here’s what you need to know about fixing this mistake and how it could actually benefit you. Good News: No IRS User Fees First, the IRS user fees which can range from $2,000 to $10,000

In the U.S., we have a “pay-as-you-go” tax system, which means you must pay your taxes throughout the year as you earn income whether through withholding, estimated tax payments, or a combination of both. If you don’t pay enough tax during the year, the IRS can charge you a penalty. This penalty is not deductible,

 If you’re thinking about upgrading your own home and helping your child secure theirs, there are several options to consider. Here are three ways to help your child without taking on excessive tax burdens. Option 1: Make an Outright Gift One option is to simply give your home to your adult child. It’s an incredibly

It’s hard to predict the future especially when it comes to finances. But there’s one thing we know with near certainty: health care will be one of your biggest expenses in retirement. According to financial experts, the average 65-year-old couple will need at least $300,000 to cover out-of-pocket health care costs during retirement. And depending

The Tax Cuts and Jobs Act (TCJA) introduced a major change for businesses: a flat 21% federal corporate tax rate. That change made the C corporation structure far more appealing for many business owners. But before you jump in, it’s important to understand both the advantages and the potential tax pitfalls. While a C corporation

If you recently discovered an error in your depreciation calculations, don’t panic. In fact, you might be surprised to learn that this oversight could actually result in a sizable tax benefit, thanks to how the IRS handles certain accounting changes. Here’s what you need to know and why this correction could be more of an

With utility costs on the rise and a growing push toward greener living, now might be the perfect time to consider making energy-efficient improvements to your home. And thanks to the recently passed One Big Beautiful Bill Act, there’s still time to take advantage of valuable federal tax credits up to $3,200 in 2025. But

You may expect your tax refund to be paid in full once the IRS processes your tax return. However, there’s a catch: the Treasury Department can deduct certain debts from your refund before you see a cent. This process is called a tax refund offset, and it can leave you wondering where your full refund

If your friend recently moved to the U.S. from Greece, they will encounter a few unique tax rules and responsibilities that differ from what they were accustomed to in Greece. Here’s a high-level overview of eight key tax considerations your friend needs to be aware of as they navigate their new life in the U.S.