Unlocking the Potential of Commercial Real Estate with a 1031 Exchange If you’re an investor in commercial real estate, you’re probably always on the lookout for opportunities to maximize returns and defer taxes. One powerful tool that can help you achieve these goals is the 1031 Exchange. This strategy allows investors to defer paying capital
Category Archives: Uncategorized
Advisory|Financial Reporting|Strategic Guidance, Uncategorized
Family Business: How to Navigate Compensation
18
Oct
Oct
Introduction Family businesses are the backbone of economies worldwide, representing a significant portion of global enterprises. However, one of the most challenging aspects of running a family business is managing compensation, as it often involves the intersection of professional performance and familial dynamics. In this blog post, we’ll explore the complexities of compensation in family
Advisory|Strategic Guidance|Value Building, Financial Reporting|Strategic Guidance, Strategic Guidance|Tax, Uncategorized
Reasonable Compensation for S Corporation Shareholders
19
Apr
Apr
S-corporations are a popular choice among small business owners. They offer a range of tax benefits, such as avoiding double taxation and passing profits and losses onto shareholders. However, S-corporation shareholders must ensure they receive reasonable compensation for their services to the corporation to avoid triggering tax penalties from the Internal Revenue Service (IRS).
12
Apr
Apr
Why Is It Important to Correct Journal Entries? Accounting is a critical aspect of any business, as it helps in recording and tracking financial transactions accurately. While the process of recording transactions can be straightforward, it is not uncommon for errors to occur. These mistakes can have a significant impact on a company’s financial records,
15
Mar
Mar
Background On Section 179 Section 179 allows you to depreciate certain assets fully in the first year that you purchase them. These deductions must be for business related assets such as vehicles, equipment, and software. Section 179 cannot help you create a loss so you must have the required net income to allow for the
01
Mar
Mar
Overview For tax purposes it can be beneficial to be considered a real estate professional. Being a real estate professional offers benefits but also has requirements. If you can qualify as a real estate professional, then you avail yourself many tax advantages and tax savings opportunities. Let’s clarify what a real estate for professional tax
15
Feb
Feb
What is Estate Tax While only six states currently have estate tax, California is not one of them. California is not subject to state level estate tax, but it is still subject to federal estate tax. Estate tax is basically a tax on your right to transfer property at your death. Your estate may consist
25
Oct
Oct
What is the ERC? The employee retention credit, better known as ERC is a refundable tax credit designed for businesses who continued to pay their employees during shutdown or decline in gross receipts due to the Covid-19 pandemic. Eligible taxpayers can claim this credit from March 13, 2020, to December 31, 2021[1], on an
13
Oct
Oct
Overview As a leader of a successful business, you may be in the position that you are looking to create a retirement plan for you and your employees. Maybe you are looking to make sure that you have the right plan for your situation. Well, every year we help clients determine the best plan
30
Sep
Sep
How can I defer the taxes on the sale of my residence or vacation home? We recently had a client move out of California and purchase a new residence in another state. They want to sell their California residence AND their vacation house that is also in California. Both properties have taxable gains of more