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If you formed an S corporation to save on self-employment taxes, you probably know that getting your S corporation salary right is critical. But, is your salary: Nonexistent? Too low? Too high? Just right? Let’s dive into why getting your salary right matters and how to determine what it should be. Setting your salary too […]

When you think about your worst tax nightmare, what comes to mind? Is it identity theft? Running out of money to pay your taxes? Or maybe this: finding out that your CPA, enrolled agent, or tax preparer hasn’t filed your taxes for years—despite you thinking it was all taken care of. This was the unfortunate

The tax law has long been harsh on hobbies, but recent tax reforms have made things even worse. If you’re running a hobby or an activity that could be classified as a hobby by the IRS, you might want to take a hard look at your situation. The consequences could be much more painful than

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