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General Archives |

New Client

As the tax season began, I received a number of calls from people who now need to find a new tax preparer. Some knew their old preparer was retiring, others are surprised to find out that their preparer has already retired. So, their hunt is on. One gentleman called...

S-Corporations

S corporations have become an increasingly popular business structure for many small businesses due to their tax advantages and liability protection. And they are a common tool among tax planners. But entity planning isn’t a one-size-fits-all approach. There are...

Metrics in a Small Business

Measurement metrics offer several crucial benefits to small businesses, serving as essential tools for tracking performance, guiding decision-making, and driving growth. Some key advantages include: Improved Decision-Making: By relying on data rather than intuition,...

Gen AI

Generative AI utilizes large, versatile foundation models to create novel content such as text, images, music, audio, and videos. These powerful AI systems can multitask and perform a variety of out-of-the-box functions, including summarization, question answering,...

More Passive Rental Losses

Normally, the passive loss rules bar deducting rental real estate losses. But there are two exceptions. The first is for real estate professionals who spend more than 50% of their working hours and over 750 hours each year materially participating in real estate as...

Tax Penalties

If you file your taxes late in the U.S., you may face two primary penalties: the late filing penalty and the late payment penalty. Late Filing Penalty – The penalty for not filing your tax return on time is 5% of the unpaid taxes for each month or part of a...

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