Tax Planning

Are you a tax-favored real estate professional?

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March 31, 2025
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For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. For example, if you have positive taxable income from other rental properties, that generally counts as passive […]
#PassiveIncome, #RealEstateTax, #RentalProperty, #TaxPlanning
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Tax Planning

6 essential tips for small business payroll tax compliance

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March 24, 2025
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Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all […]
#PayrollCompliance, #PayrollTips, #SmallBusinessTaxes, #TaxRegulations
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Tax Planning

Riding the tax break train: Maximizing employee transportation fringe benefits

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March 12, 2025
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There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s a quick summary of the current federal tax treatment of transportation-related benefits. Mass transit passes For 2025, employer-provided mass transit passes for train, subway and bus […]
#CommuterBenefits, #EmployeeBenefits, #FringeBenefits, #TaxPlanning
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Tax Planning

Exploring business entities: Is an S corporation the right choice?

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March 10, 2025
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Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture. One benefit of an S corporation One major advantage of an S corporation over a partnership is that shareholders aren’t personally liable for corporate debts. To ensure this protection, it’s crucial to: Adequately […]
#BusinessFormation, #SCorporation, #SmallBusiness, #TaxPlanning
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Tax Planning

Ways to manage the limit on the business interest expense deduction

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March 3, 2025
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Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions. If your business has significant interest expense, it’s important to understand the impact of the […]
#businesstaxes, #Section163j, #TaxPlanning, #TCJA
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Tax Planning

Can I itemize deductions on my tax return?

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February 26, 2025
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You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the […]
#StandardDeduction, #TaxDeductions #ItemizedDeductions, #TaxPlanning
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