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Tax Strategies

Close up photo of a person painting a flower point on a canvas.
Tax Strategies
Art, Craft, or Business? A Business of Hobby Loss Rules

Art, Craft, or Business? A Breakdown of Hobby Loss Rules Reading, exercise, fishing, art, gardening… we all have hobbies, and we usually aren’t thinking about tax law as we do them. However, the IRS takes a more technical approach. The rules […]

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Image of miniature houses on a wood table.
Real Estate  ·  Tax Strategies
Self-Rental Rules | The Grouping Election

What is a Self-Rental? Many taxpayers who own an operating business also own accompanying real estate inside a separate entity. The operating business then leases the real estate from the entity that owns it. This is known as a “self-rental” […]

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Tax Strategies
Possible Expiration of Key TCJA Provisions Could Affect Individual Taxpayers

The Tax Cuts and Jobs Act (TCJA) made sweeping changes to the federal tax rules for individual taxpayers. Many of these provisions are scheduled to expire at the end of 2025. but there’s a chance that some (or all) of […]

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Tax Strategies
Business Owners: Expiration Date is Approaching for Certain TCJA Provisions

The Tax Cuts and Jobs Act (TCJA) included many important federal income tax provisions that affect small business taxpayers and their owners. Some of these provisions are scheduled to expire in the near future, unless they’re extended or made permanent […]

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Tax Strategies
Foreign Tax Credit & Form 1116: What Taxpayers Should Know

United States citizens and resident aliens are required to report their worldwide income on their U.S. federal tax returns every year. The foreign tax credit is a tax benefit for U.S. taxpayers that helps offset income taxes paid to foreign […]

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Wall of clocks
Tax Strategies
Deadline Dilemmas: Common Questions on Extending Tax Returns

Have you ever felt like Tax Day snuck up on you? If so, you aren’t alone. In 2022 over 19 million people filed an “extension” for their individual tax return, allowing them to delay the due date of their tax […]

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Tax Legislation  ·  Tax Strategies
New Voluntary Disclosure Program for Employers that Filed Dubious ERC Claims

As part of its continuing fight against questionable Employee Retention Credit (ERC) claims, the IRS recently announced a voluntary disclosure program for employers. Under the program, businesses can “pay back the money they received after filing ERC claims in error,” […]

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Tax Strategies
Solar, The Investment Tax Credit – Part 2

Welcome back! Thanks for joining me for Part 2 of our look at the Investment Tax Credit (ITC) for solar property. In Part 1, I gave an overview on the history and purpose of the solar ITC. I also discussed […]

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Tax Strategies
Solar, The Investment Tax Credit – Part 1

Investment Tax Credits (ITC) have been around since 1962. ITCs were created by Congress to help stimulate the economy and to protect domestic businesses from foreign competition. The types of renewable energy property available for the ITC are, but not […]

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Tax Legislation  ·  Tax Strategies
The New Beneficial Ownership Information Reporting Requirements

Are you ready for the new Beneficial Ownership Information (BOI) reporting requirements implemented by the Corporate Transparency Act (CTA) that will go into effect on January 1, 2024? If you answered no, you are not alone. It is estimated that […]

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