Holding Real Property in a Corporation: Good or Bad Idea?

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...

The Cleaning Lady and Your Home-Office Deduction

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...

Partnership with Multiple Partners: The Good and the Bad

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...

Trade-In on a New SUV—Reimbursement by Corporation

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...