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.

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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.

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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.

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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

Compensation clawbacks are a regulation initiated in 2002 due to significant financial scandals. These clawbacks have since been more aggressively implemented to assist in restoring faith in investors. Clawbacks have helped regain faith by enabling companies to retrieve (clawback) compensation that was paid to employees… Read More

To become more self-reliant in the gas and oil industry, Congress created tax incentives and deductions to attract investors. This industry has become more popular over the years due to the increase in profits from the new tax regulations. This increase in investors, in turn, has increased our oil and gas supply, so the United… Read More