Contrary to popular belief, the IRS does not limit business owners to claiming deductions on only one business vehicle. You might maximize tax benefits by using multiple vehicles for business purposes. This is particularly true when you use the vehicles predominantly (more than 50 percent) for business, you drive more business miles than your spouse,

Say you have a friend who moved to the U.S. from Greece. Here is a high-level look at eight tax considerations your friend needs to know: Tax residency. A foreign individual’s income tax obligation in the U.S. hinges on their tax residency status—whether they are a resident alien or non-resident alien. Resident aliens are taxed

When enacted, the Affordable Care Act (ACA) eliminated most small business health plans that reimbursed individually purchased health insurance. Consequently, many small business owners chose health savings accounts (HSAs) or opted to provide no health coverage at all. As of 2022, over 35 million HSAs were active, with assets amounting to $104 billion. The Devenir

I have great news! You can have in your real estate portfolio both investor and dealer properties. This distinction is significant for tax purposes. Here’s a snapshot of the potential tax differences: Suppose you profit $90,000 from a property sale: As a dealer, your tax could be up to $46,017. As an investor, it might

The distinction between repair expenses and improvement costs can impact your tax benefits. The tax law categorizes repair and improvement costs differently. Repair expenses are generally more beneficial for tax purposes, providing greater after-tax cash value than the depreciation deductions you would get from improvements or additions. One key reason for this is recapture taxes.

We have some critical updates on the pass-through entity tax (PTET), which has recently become the rule in most states rather than the exception. The PTET enables owners of pass-through businesses, such as S corporations and multi-member LLCs, to navigate around the $10,000 annual limit on state and local taxes (SALT). How PTET Works The

If you are thinking about offering your employees the new individual coverage health reimbursement arrangement (ICHRA), take a moment to read the insights below. Class size rule. You face the class size rule only if you offer a traditional group health plan to one class of employees and an ICHRA to another. Minimum class size

I hope this message finds you well. I am writing to provide valuable insights regarding the tax implications of business meals. As you may already be aware, there is a contradiction in the tax laws regarding personal living expenses, specifically personal meals and business meal tax deductions. This is best illustrated by what tax professionals

Can you deduct the costs of real estate seminars and boot camps? The ability to deduct these costs largely depends on the nature of your real estate activities—are they considered a business or an investment? This distinction is crucial for understanding your tax obligations. If your real estate activities are a business, you may be