The passive activity rules of §469 make it difficult to deduct losses each year from your rental properties. Most rental properties I've seen show a tax loss which is largely due to the depreciation, a non-cash expense. This means a property could be...
I recently attended a 2-hour webinar on the topic of Qualified Opportunity Zones and want to share my takeaways and thoughts. The webinar got into the weeds of the rules to become a Qualified Opportunity Zone Business as well as the tax benefits to...
I'm in the business of getting paid to do taxes for other people but that doesn't mean I'm going to say all doctors should hire a CPA to do their taxes. Rather, I take a more nuanced approach in answering this question, which I...
At the end of 2017 Congress passed the Tax Cuts and Jobs Act which included the new §199A. This section allows a deduction equal to 20% of your "qualified business income" or QBI. There are some pretty complex rules around this deduction and...
When you work for someone else they classify you as either an employee or contractor. This distinction has legal and tax consequences for you and the person/company you're working for. The classification of a worker as an employee or contractor shifts...
You've all probably heard at one time or another how incorporating or forming an LLC can save you money on your taxes. The reality is much more complicated and the real answer is that it depends on your situation. S-corporation Basics Let's get the basics out...
For the past couple of days I've been in Portland, OR attending a tax update conference taught by Western CPE and a very knowledgeable instructor. Just over a year ago Congress passed the biggest update to the tax code in over 30 years. Since then...