For years, many businesses kept lease obligations off their balance sheets, particularly operating leases for office space, equipment, and vehicles. But with the introduction of ASC 842, those days are over. Originally impacting public companies in 2019, private businesses are now required to comply with the new lease standard. While some private business owners may
Author Archives: Whittaker
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Dec
Dec
California Pass-Through Entity (PTE) Tax: A Key Strategy for Business Owners California’s Pass-Through Entity (PTE) Tax provides an opportunity for business owners to reduce federal taxable income while navigating the state and local tax (SALT) deduction cap. Designed for S corporations, partnerships, and LLCs taxed as partnerships, this tax strategy can lead to significant tax
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Dec
Dec
The Internal Revenue Service (IRS) has released the inflation-adjusted federal income tax brackets for the 2025 tax year, applicable to income earned in 2025 and filed in 2026. While tax rates remain unchanged, the income thresholds have been adjusted to account for approximately a 2.8% inflation rate. 2025 Federal Income Tax Brackets Here are the
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Nov
Nov
Standard vs. Itemized Deductions: Which One Saves You More on Taxes? When filing your individual tax return, one of the biggest decisions you’ll face is whether to take the standard deduction or itemize your deductions. The choice you make can significantly impact your taxable income, the amount you owe, and the size of your refund.
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Nov
Nov
How to Avoid Capital Gains Tax When Selling Your Home If you’re planning to sell your home, you might be wondering: Will I owe taxes on the profit? The good news is that many homeowners can exclude up to $250,000 (or $500,000 for married couples) of their gain from capital gains tax under IRS Section
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Nov
Nov
A 1031 exchange remains one of the most effective tax strategies for real estate investors, allowing them to defer capital gains taxes when selling and reinvesting in like-kind properties. However, as 2025 unfolds, potential legislative changes could limit this powerful tax benefit. In this guide, we’ll break down how 1031 exchanges work, what proposed changes
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Nov
Nov
2025 IRA Contribution Limits: What You Need to Know As we head into 2025, the IRS has released the updated contribution limits for Individual Retirement Accounts (IRAs). Whether you’re planning for retirement with a traditional IRA or a Roth IRA, understanding these limits can help you maximize your tax advantages and grow your savings more
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Oct
Oct
Maximizing Your Tax Savings: Understanding the Qualified Business Income (QBI) Deduction If you’re a business owner or self-employed individual, there’s a valuable tax break you may be eligible for the Qualified Business Income (QBI) deduction. This deduction was introduced under the Tax Cuts and Jobs Act of 2017. The QBI deduction allows eligible taxpayers to
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Oct
Oct
How to Plan for Taxes When Transferring Commercial Real Estate to Your Heirs When it comes to transferring commercial real estate to your heirs, the tax implications can be significant. Due to this significance, it is important to plan right which tends to be quite complex. Commercial property is one of the most valuable things
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Oct
Oct
For many business owners and investors, taxes are one of the largest obstacles to maximizing returns. That’s where Opportunity Zones come in—a program that can unlock significant tax savings while encouraging investment in underdeveloped areas across the country. But how exactly do you leverage commercial real estate investments in these zones to benefit from these