Tax Strategy

Unlock Start-Up Expense Savings Interested in becoming a commercial or residential landlord? You’ll likely have to shell out plenty of money before you ever collect a dime in rent. But the good news is that some expenses that you would otherwise think of...

When you convert your vacation into a business trip, your transportation expenses suddenly become deductible. And when you travel for business, you deduct the expenses. Think of the tax deduction as a travel discount. The size of the discount depends on your tax bracket. That could amount to 30,...

Introduction The Augusta Rule is a tax exemption that has received much attention in recent years. It is often used by homeowners to reduce their tax liabilities and increase their tax-free rental income. Essentially, the rule allows owners of properties that are used for fewer than 15 days per...

Introduction Rental properties are an excellent source of passive income and long-term wealth-building. Whether you own a single rental asset or an entire portfolio of property rentals, maximizing depreciation is essential to reducing your taxable income and increasing your overall return on investment. But what exactly...

One of the greatest tax benefits of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you can take without spending any additional money. Sadly, regular depreciation for real property is slow, taking anywhere from 27.5 years to a whopping 39 years.

Introduction Real estate investors are always on the lookout for opportunities to maximize their returns while minimizing their risks. One such opportunity that has gained traction in recent years is investing in Real Estate Opportunity Zones (OZs). OZs are a relatively new tax incentive program created under the Tax...

Introduction When starting a new business, selecting the right business legal structure is crucial to the long-term growth and success of your enterprise. Your choice of entity type will affect everything from taxes to personal liability, and it can be challenging to determine which one is the best for...

Maximize Savings with Year-End Tax Planning! Even though taxes might not be on your mind at the moment, it's actually the perfect time to start thinking about the upcoming tax year. By engaging in year-end planning now, you can set the stage for a more seamless and tax-efficient financial...

Introduction The idea of hiring your children in your business can provide numerous tax benefits to small business owners. The concept of paying your children a wage for work performed has been around for some time, but it is not widely understood by many entrepreneurs. Hiring...

You generally think of tax loss harvesting as a year-end strategy. And it truly is a good one. But it’s also a “whenever you need it” strategy. For example, say you used a lot of “kick the can down the road” strategies this...