Blog
Super Bowl Winner? Don’t Forget the Tax Implications!
Just witnessed an epic Super Bowl showdown? Whether you cheered for the Kansas City Chiefs or the San Francisco 49ers, one thing's for sure: championship wins come with tax implications. Player Bonus: Imagine winning a huge bonus. Exciting, right? Well, Uncle Sam...
Love & Taxes: An Unlikely Match Made in Heaven (or the IRS Office)?
Love and taxes? Aren't those like oil and water? Well, not quite! While Valentine's Day may not scream "tax deductions," there are a few interesting tidbits to consider for both businesses and individuals: For Businesses: Spread the Love (and Deductions): Decorate...
⚠️ Urgent: AI-Powered Social Security Scams on the Rise – Protect Yourself Now!
We're reaching out with a critical message concerning a disturbing trend: a surge in sophisticated Social Security scams powered by AI. Understanding these scams and taking immediate action is crucial for taxpayers and business owners. Why you need to be aware: AI...
Dirty Dozen Quiz: Know the Red Flags, Protect Yourself
As we kick off the 2024 tax season, staying alert to the increasing trend of fraudulent 2023 tax return filings is crucial. To assist in this, our firm has developed a targeted quiz to aid in recognizing and combating these scams. This quiz is vital in ensuring you're...
“My Biggest Business Regret?” Not Using an ILIT (Before It’s Too Late)
Imagine safeguarding your wealth from legal risks while maximizing your loved one's inheritance. An Irrevocable Life Insurance Trust (ILIT) could be your answer, offering asset protection and a unique tax-saving opportunity for business owners like you. Let's explore...
Attention! 2024 Tax Season Starts Now: Avoid Scams with the IRS “Dirty Dozen” List
As the 2024 tax season officially kicks off, it's crucial to remember that not all tax-saving strategies are created equal. Ever wondered about the perks of investing in a Maltese individual retirement arrangement or exploring Puerto Rican captive insurance? These...
Rental Property Sale? Think Beyond Today’s Tax Savings!
Thinking of selling your office building, store, or warehouse? Did you make interior improvements? This newsletter explains how those improvements might impact your future taxes. Key points: Today's deduction can become tomorrow's higher tax bill: Certain improvements...
Time’s Running Out! File Your 1099-NECs Before January 31st
As the deadline for filing 1099s for the 2023 tax year rapidly approaches, we want to ensure your business is well-prepared for a seamless tax season. With just a limited time left until the January 31, 2023, deadline to file Form 1099-NEC (Nonemployee Compensation)...
Can You Deduct Gambling Expenses in 2024?
Thinking about deducting travel, meals, and other gambling expenses in 2024? If you consider yourself a professional gambler, you might be eligible. But beware, the IRS has its cards close to its chest, and qualifying isn't a walk in the park. The Perks of Being a Pro...
Double the Passport, Double the Taxes? Avoid Tax Traps for Dual Citizens
As of 2024, holding dual citizenship presents exciting opportunities like expanded travel horizons and diverse cultural experiences. However, it's crucial to understand the accompanying tax complexities to avoid legal and financial issues. U.S. Tax System's Reach:...