Bringing a child home is expensive as-is. When using a surrogate, these costs become even higher, which might leave you wondering if surrogacy expenses are deductible. From agency fees and surrogacy compensation to clinic fees and legal costs, surrogacy expenses can quickly add up. Before you start your surrogacy journey, it’s important to know which… Read More
Are you providing compensation to employees in the form of stock options? Unlike paying your employees a standard salary or hourly rate, stock options are treated differently in the tax code. As a business owner, it’s important to be aware of these differences to not only offer competitive compensation packages to employees but also to… Read More
Did you know that 75% of venture-backed startups fail? The failure rate increases to around 90% for startups without venture capital to support operations. Without startup investors, there would be no innovation and higher failure rates, which is why the IRS has numerous provisions in place to provide much-needed tax relief for startup investors. In… Read More
Do you own multiple businesses in the same industry? How about planning an acquisition? If you have companies with similar ownership, you may want to consider filing a consolidated tax return. In this article, we’ll cover the basics of consolidated tax returns, including how to make an election and the pros and cons.… Read More
Did you pay medical expenses this year? Are you wondering if you can claim a tax deduction? The IRS does allow taxpayers to deduct medical expenses if they itemize deductions and meet threshold limitations. In this article, we’ll cover the deductibility of medical expenses, including qualifying medical expenses, HSAs, and healthcare deductions for self-employed individuals.
The structure your business currently operates under isn’t the one you’re confined to. In fact, countless business owners switch structures each year. Why make the transition? For one, each structure has different tax advantages. In addition, the avenues available to raise capital also differ by structure.
Did you purchase new machinery or equipment? Are you trying to lower your taxable income? If so, it’s important that you maximize your tax savings with special depreciation allowance options.
A tax shelter enables you to reduce your taxable income and liabilities legally. There are numerous ways to take advantage of tax shelters for deductions and credits. Tax shelters include 401(k) plans, municipal bonds, investments, and other options for taxpayers to reduce liabilities and minimize their tax exposures. These tax shelters can either reduce taxes… Read More
Taxpayers are constantly striving to be able to make more money. A great way to do that is by investing in assets and growing your financial portfolio. By investing, further savings are acquired by being able to reduce one’s taxable income. This is achieved because the IRS allows deductions for interest paid on investments when… Read More
There are three main property classifications listed with the Internal Revenue Code that assist in explaining tax regulations when business property is sold. Section 1245, 1231, and 1250 property are all included to provide guidelines to aid in financial planning when contemplating business disposition. Each of these sections provides different tax implications and should be… Read More