As the real estate market has cooled off in many parts of the country, investing in property may seem wise in the long run. But taxes can be a significant concern. Owning real estate in a C corporation may not be wise when considering taxes because it puts you at...
If you have an office in your home that qualifies for the home-office deduction and you employ a cleaning lady who maintains both your home and your home office, there are a couple of tax considerations to keep in mind. The amount you pay your cleaning lady for her...
The generally favorable federal income tax rules for partnerships are a common reason for choosing to operate as a partnership with multiple partners instead of as a corporation with multiple shareholders. The most important partnership tax benefit rules can be...
When it comes to vehicles, there’s much to think about. For example, the rules on vehicle trade-ins have totally changed. TCJA made the trade-in of your vehicle on a replacement vehicle a taxable event. Example To illustrate, let me tell you about a trade-in...
With the COVID-19 experience, you and your partners may be doing a lot of work from home or even working from home primarily. Is the home-office deduction in the mix? If you operate your business as a partnership, you have two ways to correctly deduct your...
