Blog

Understanding the Components of Capital Gains There are two components to taxable gain when you are selling a rental property. First there is the actual capital gain that everybody talks about and then there is something called depreciation recapture which... Read More →

  Statute of Limitations The IRS has a 6-year statute of limitations for filing taxes. If you have not filed in 6 years or less, you can still get those returns filed. If it has been longer than 6 years,... Read More →

How Do Tax Refunds Work? Let’s talk about how tax refunds work and why it might not be a good idea to have a big tax refund. To do that, let’s take a look at an example that shows how... Read More →

You’ve started a new business, now what? You started a new business and registered it with the Secretary of State, congratulations! What next? There is a misconception that if you just open an LLC, register with your Secretary of State,... Read More →

  Let’s talk about Biden’s proposed tax policies and how they will affect business and corporate taxes. Keep in mind these are all just proposals. Biden is not even president yet, and these have to pass through Congress for them... Read More →

Let’s talk about Biden’s proposed tax policies and how they will affect the individual taxpayer. There are ten key proposed changes that I want to discuss.  Keep in mind these are all just proposals, Biden is not even president yet,... Read More →

 Section 179 Depreciation Deduction – and More About Cars The Section 179 depreciation deduction for small businesses is a section in the internal revenue code that basically allows small business owners to accelerate their depreciation of fixed assets.  This... Read More →

The question is whether you should be buying a vehicle and putting it under your name personally or under your business name. There is a misconception that if you own a business and you buy a vehicle under your business... Read More →

There are several types of penalties that the IRS can assess. The penalties are assessed at different rates and are set for different time periods. Getting those penalties waived can save hundreds and possibly thousands of dollars. You can even... Read More →