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179D Deduction for Construction and Rehab

179D Tax Deduction

Powerful Tax Incentives for Energy Efficient Projects The 179D tax deduction offers a powerful financial incentive for installing qualifying building systems that reduce energy consumption.  Energy-efficient construction projects are ideal candidates for the 179D deduction.  Also,  energy efficient retrofits or rehabs of older buildings also qualify for the deduction.  The rules even provide a financial […]

Tax Planning Strategies for Financial Success

Tax Planning

Tax planning is the overall topic of our recent podcast with The Shift Spot, a peer advisory community of fellow business owners who are passionate about making radical shifts in their businesses and lives. Tax planning is the selection of legal options to minimize or eliminate taxes. Tax planning includes optimizing the structure of transactions […]

Divorce and Taxes: How to Protect Yourself

Divorce and Taxes: How to Protest Yourself

Divorce and taxes are the important subject of our live event with Pacific Cascade Legal, a premier family law firm in Oregon and Washington. We discuss how divorce impacts joint tax liability, when there might be relief granted for separation of joint liability, and other important tax considerations when navigating divorce from your spouse.   […]

How to Avoid IRS Trouble

How to avoid IRS trouble

The thought of IRS trouble, “red flags” and audits are enough to worry any business owner.  In this podcast, we talk about how to avoid IRS tax problems, and what to do if they arise.     In the podcast, we cover a variety of topics including: Organizing your business for tax preparation Tax calendar […]

Reasonable Compensation, Payroll and Distributions for an S Corp Owner

reasonable compensation for S corporations

Many small businesses are formed as S corporations.  S corps have been around for many years.  Their popularity has a lot to do with the fact that s corporations offer both tax savings and a high degree of liability protection in the event of a lawsuit.  While S corps are very popular, the issue of […]

Opportunity Zone: Defer or Eliminate Capital Gains

opportunity zone

The Qualified Opportunity Zone Program has been around since 2017.  It is a valuable tax planning strategy that is available to taxpayers even if they do not own a business. The program provides tax benefits to long term investors in communities called Qualified Opportunity Zones.  These are geographic areas that need improvement or development, such […]

What is a Cost Segregation Study?

cost segregation study

A cost segregation study is a strategic tax savings tool that allows companies and individuals who have purchased, constructed, expanded, or remodeled any kind of real estate for commercial or residential use to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes. Typically, real estate is depreciated over a straight-line […]

FBAR vs 8938: Which One Should I File?

FBAR vs 8938

The FBAR and Form 8938 are used to report foreign financial assets to the U.S. government.  Both the FBAR and Form 8938 trigger huge penalties for failure to file. While the function of the FBAR and Form 8938 is very similar, there are differences between the two form.  One has a higher filing threshold than […]

Nonresident Alien vs Resident Alien

nonresident alien and resident alien for tax purposes

Nonresident aliens and resident aliens are required to comply with a variety of U.S. tax return rules.  This applies to individuals coming to the U.S. on business, for education, for marriage or for other personal reasons.  The rules are different for various visa types.  In this article we will discuss what is a nonresident alien […]

Heavy Highway Vehicle Use Tax: Due August 31, 2023

heavy highway vehicle use tax

The Heavy Highway Vehicle Use Tax is an annual federal excise tax on heavy highway trucks and other motor vehicles operating on public highways.  Anyone who is required to register large trucks and buses with a taxable gross weight of 55,000 pounds or more must pay the tax. The required tax return is Form 2290, […]