By month: August 2022

Act Now: Claim Your 2020 and 2021 Employee Retention Credit (ERC)

Did you claim the COVID-19-inspired Employee Retention Credit (ERC) in 2020 and/or 2021? You likely qualified for the ERC under one of the tests that you will see in this article.

Act Now: Earn 9.62 Percent Tax-Deferred

Series I bonds can make a great risk-free investment during these troubling inflationary times. If you don’t know about them, read this article for how they work (and they work really well).

Defeat the $10,000 SALT Cap with the PTE Tax (Part 1)

The IRS says that owners of pass-through entities can get around the $10,000 federal cap on deducting state and local taxes by electing to have their entity pay state income tax and then having the entity deduct the taxes as a federal tax deduction.

Q&A: Does Grouping Rental Properties Release Suspended Losses?

When you have suspended passive rental losses, you have a tax-loss savings bond that matures (grants your deductions) when you qualify as a tax-law-defined real estate professional and have passive income.

Claiming the $250,000 Exclusion When Your Name Is Not on the Deed

What happens when you sell your personal residence but your name is not on the deed? Does this rob you of the $250,000 exclusion? And who gets the 1099-S? Not you, for sure.

Inflation Alert: Consider Investing in TIPS

Inflation can make you think of inflation hedges such as Treasury Inflation-Protected Securities (TIPS), discussed in this article. With this investment, you could receive inflation adjustments in your favor without the risk of losing your original investment.

How to Switch from the Mileage-Rate to the Actual-Expense Method

Are you currently using IRS mileage rates to deduct your business vehicle? Is that the right choice for you? If not, you will be happy to know that you can switch to the actual-expense method. The IRS gives you two ways, depending on when you want to make the switch.

Spousal IRAs: What You Need to Know

The spouse with no taxable income might be able to make contributions to a traditional, non-deductible, or Roth IRA. Of course, you need taxable income to qualify, but spouses can use joint income.

Maximize Profits and Defer Taxes with an Installment Sale

Seller-financed installment sales offer many benefits for the seller, including deferring taxes on the sales gain while allowing for top sales price and flexible terms. But this is tax law, and as you would expect, the IRS imposes a number of rules and restrictions on the installment method.


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