By month: July 2024

Claim Up to $32,220 in Missed 2021 Self-Employed COVID-19 Sick and Family Leave Credits Today

Individuals and partners who were self-employed during 2021 were entitled to claim refundable tax credits for sick and family leave if they were unable to work for various COVID-19-related reasons, such as suffering from COVID itself, getting vaccinated, being under quarantine, or looking after family members impacted by the virus. Those who failed to claim the credits with their 2021 tax return need to read this article. The credits can be worth up to $32,220.

1099s for Corporations and Other 1099 Surprises

Curious about when you need to issue a Form 1099 to a corporation? Discover the surprising details and specific reporting requirements for incorporated legal, medical, and other professional services.

Discover the Best Entity for Your Business: Use This Chart

Use this essential Entity Comparison Chart to find the right business entity. It simplifies complex information and highlights key advantages and disadvantages to help you make an informed decision and optimize your business’s financial health!

Know the 15 Exceptions to the 10 Percent Penalty on Early IRA Withdrawals

Early IRA withdrawals—those that occur before age 59 1/2—are generally subject to a 10 percent penalty tax, but 15 exceptions exist to avoid this penalty. The exceptions include withdrawals for substantially equal periodic payments, certain medical expenses, higher education costs, first-time home purchases, and specific emergencies or life events such as disability or terminal illness.

Make Sure Your Real Estate Options Pay Off

You may have heard that options are the perfect way to increase profits on real estate investments and rentals. Well, perfect is probably an overstatement, but good profits are available when you know what you are doing. You also need to know the tax rules to avoid any clauses, charges, and events that can turn options into sales—and trigger taxes when you least expect them.

Tax Deductions for Investments in Raw Land

Purchasing raw land is a great way to get into real estate investing. But your tax deductions are more limited than for improved property. Some expenses are deductible as itemized personal deductions; many others aren’t deductible at all. If you don’t itemize, you get no immediate benefit from your deductions. But if you make the proper annual tax election, your taxable profit will be reduced when you ultimately sell the property.

Deduct 100 Percent or 81 Percent of This Entertainment Facility?

When you qualify to deduct an entertainment facility as a business expense, how do you determine the amount to deduct?

Create Biz Deductions for Your Timeshare—Allow Use by Employees

You have two possible ways to let an employee use your timeshare, one of which is tax-free to the employee. The second method is to call use of the timeshare “compensation” to the employee, which produces the unusual result of taxable income to the employee in an amount often different from the tax deduction for the business.

Shutting Down Your S Corporation

Shutting down your S corporation? Discover the tax implications of selling your stock versus liquidating assets, and learn key strategies to minimize your tax burden. Read this article to unlock expert strategies that help you navigate this complex process with complete confidence.


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