Remember way back when as you started your business? Like most entrepreneurs, you probably chose to form a sole proprietorship because it’s less paperwork and less costly. But as your business grows you might benefit from the protections provided by a Limited Liability Company (LLC) or C-Corporation. But if you are currently a C-Corp, does...
The IRS is shaking things up in S.A.L.T. The IRS intends to issue proposed regulations to permit a partnership or an S corporation to deduct specified income tax payments made to a domestic state or local jurisdiction. In Notice 2020-75, the IRS clarifies that state and local income taxes imposed on and paid by a...
Written by William Roof, JD, CPA, of Counsel The IRS emperor is not naked,** he still has both clothes and teeth. The IRS may have taken a national emergency break along with the rest of us, but is waking up. Regardless of your political leanings, we are all going to have to pay for COVID....
Tax opportunities provided below create many opportunities for our Veterans to save! Earned Income Tax Credit Many Veterans are eligible for various tax credits including the Earned Income Tax Credit, a refundable federal income tax credit for low- to moderate-income workers and their families. Roughly two million Veterans and military households receive the EITC, the...
Are medical expenses taking a bite out of your budget? This may be your last chance for deducting medical and dental expenses because the threshold for qualifying for deductions is set to revert to its higher level after 2020. For 2020, the IRS allows all taxpayers to deduct the total qualified unreimbursed medical care expenses...
