Donating clothes or household goods such as, furniture, kitchen items, or similar items at Goodwill or another organization may feel simple. For tax purposes, it is not. The IRS rules for charitable deductions are technical, and a recent Tax Court case shows how unforgiving they can be. A taxpayer lost a $6,760 deduction for noncash […]

“Become an S Corp and save thousands!”“Just elect S Corp! Boom, tax savings!”“Switch to an S Corp at $40K!” You’ve seen it all online. And now an entire generation of fin-tech apps is built around pushing S Corps as if they’re universal tax hacks. Let’s slow down and ask the first question: Should I be […]

(No, it’s not just buying private jets). Many of my clients ask what the wealthiest Americans are doing to save money on taxes, and I get it! Costs are rising, margins are tightening, health insurance is a shitshow, and business owners are feeling squeezed from every direction. I don’t blame anyone for actively searching for […]

(Can you skip filing taxes in protest? Probably not. But here’s how to rebel responsibly) If you wonder, “Can I skip filing taxes this year?” because you’re mad at the government, you’re in the right place. There’s a lot of chatter online right now. Posts claiming you can “stick it to the system” by claiming […]

Do you owe someone a 1099 form? If you’re asking yourself, “Do I need to send 1099 form?”, and you paid someone for services rendered, rent, or attorney fees – chances are you need to file some 1099s. And as a CPA, every year, I see the same thing:Business owners scrambling in January to figure […]