By month: May 2024

Do You Need to Amend Your 2020 Tax Return for the 2020 ERC?

The time for individuals, including single-member LLCs taxed as sole proprietors, to get the 2020 Employee Retention Credit correct is here. And this is true even if you have applied for but not yet received the credit. For corporations and partnerships, the time may be past, but this article sheds light on what you need to know.

CPA Steals the Payroll Taxes, Owner Has to Pay the IRS

Who does your payroll? Could they embezzle the payroll taxes? What does the IRS do to you if someone embezzles your payroll? To find out, make sure you read this article.

Rental Property, Often Missed: Add New Roof, Deduct the Old One

Get ready to thank the IRS. With the relatively new tangible property regulations, you can write off replaced components and achieve two types of tax savings.

Tax Guide to Deducting Your Timeshare Stays as Business Lodging Costs

Could you use your timeshare for business lodging and other business purposes? If so, why should you consider it? Business deductions usually produce the best tax benefits, that’s why. Further, you need to know the special tax rules that can make your timeshare a rental property, personal residence, or business lodging facility.

Shedding Doubts about Selling Your Home to Your S Corporation

If you want to convert your home to a rental property, don’t. Instead, sell your home to your S corporation and then have the S corporation make the property a rental property. We have written about this previously, and we received some questions that we address in this article.

Q&A: No Business Income, No Home-Office Deduction: Wrong

If you have no taxable income, should you file a tax return and claim the office-in-the-home tax deduction? Answer: Yes. Even with no taxable income, you have two for-sure tax benefits from the home office, and you likely have a third benefit, as we explain.

Shutting Down a Partnership: Tax Implications

There is much you need to know when you shut down a partnership. In this article, we walk you through the tax consequences using the three most common partnership shutdown scenarios.

Did You Overfund a Section 529 Plan? Consider a Roth IRA Rollover

If you establish a Section 529 college savings plan for a child or other family member and he or she doesn’t use all the money or decides not to go to college at all, starting in 2024 you can roll over up to $35,000 of the money into a Roth IRA for the beneficiary. But such rollovers are subject to complex rules and require long-term planning, as we explain in this article.



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