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...

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...

Introduction In the complex world of business and taxes, the term "Accountable Plan" stands out as a beacon of relief and financial benefit for both employers and employees. An Accountable Plan is a tax strategy that allows employers to reimburse their employees for business expenses, without the added burden...

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...

Introduction The COVID-19 pandemic has made working from home a new normal for many individuals worldwide. As a result, home office deductions have become increasingly popular as a tax-saving strategy, especially for small business owners and self-employed individuals. Home office deductions allow taxpayers to deduct expenses related to the...

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,...

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 Tax planning is an essential part of financial management. Understanding how to minimize your tax liability can significantly increase your disposable income, allowing you to invest more in your future. This article will delve into the benefits of tax-saving strategies, providing an overview of common methods and how...

Introduction Taxation is a fundamental aspect of any society, serving as the lifeblood that fuels government operations and public services. However, navigating the complex world of taxes can be an overwhelming and daunting task for individuals and businesses alike. When faced with tax-related issues such as outstanding debts, audits,...