Still have tax questions? You’re not alone
Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions… Read More »Still have tax questions? You’re not alone
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Emil Estafanous
Corporate business owners: Is your salary reasonable in the eyes of the IRS?
Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low,… Read More »Corporate business owners: Is your salary reasonable in the eyes of the IRS?
The “wash sale” rule: Don’t let losses circle the drain
Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage… Read More »The “wash sale” rule: Don’t let losses circle the drain
An education plan can pay off for your employees — and your business
Your business can set up an educational assistance plan that can give each eligible employee up to $5,250 in annual federal-income-tax-free and federal-payroll-tax-free benefits. These… Read More »An education plan can pay off for your employees — and your business
Understanding the “step-up in basis” when inheriting assets
If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the… Read More »Understanding the “step-up in basis” when inheriting assets
Explore SEP and SIMPLE retirement plans for your small business
Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved.… Read More »Explore SEP and SIMPLE retirement plans for your small business
What tax documents can you safely shred? And which ones should you keep?
Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders.… Read More »What tax documents can you safely shred? And which ones should you keep?
Turn a summer job into tax savings: Hire your child and reap the rewards
With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to earn some extra… Read More »Turn a summer job into tax savings: Hire your child and reap the rewards
An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing
Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential… Read More »An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing
Small business alert: Watch out for the 100% penalty
Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from… Read More »Small business alert: Watch out for the 100% penalty
Discover if you qualify for “head of household” tax filing status
When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or… Read More »Discover if you qualify for “head of household” tax filing status
Are you a tax-favored real estate professional?
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… Read More »Are you a tax-favored real estate professional?