Category Archives: Strategic Guidance|Tax

Tax-Deductible Business Travel

Introduction Traveling for business purposes is an essential part of many start-ups and established businesses. Whether you’re attending conferences, meeting clients, or exploring new markets, these business trips often come with significant expenses. The good news is that many of these costs can be tax-deductible. You can help your company save money while expanding its

How to Handle IRS or other Tax Agency Notices

Receiving a notice from the Internal Revenue Service (IRS) or any other tax agency can be a stressful experience for most individuals. However, it’s essential to approach these notices calmly and systematically. Just because you have received a notice doesn’t mean you are in trouble. Understanding the Purpose of Tax Agency Notices Tax agency notices

How do I know if my tax return is correct? 

This is not a question that we hear often, but I want to address it because it has led to many people seeking our services and occasionally client frustrations. I would preface this with the fact that when you are signing your tax return or authorizing your CPA to electronically file your tax return, you

Are there different types of CPA’s?

A Certified Public Accountant (CPA) who prepares tax returns and a CPA who focuses on tax planning have distinct roles and responsibilities. While both are knowledgeable in tax matters, their primary areas of expertise and the services they provide differs. CPA That Prepares Tax Returns A CPA who prepares tax returns is primarily focused on

What is the Difference: Amended Tax Return and a Net Operating Loss Carryback?

What is the difference between an amended tax return and a net operating loss carryback? During recent years with the ever-changing tax laws and updates related to COVID we have seen a dramatic uptick in the number of clients filing amended tax returns and net operating loss (NOL) carryback claims. This post explains the difference

Reasonable Compensation for S Corporation Shareholders

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).  

What is a Real Estate Professional For Tax Purposes?

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

Should You Buy Or Lease A Car?

Overview     One of the biggest decisions that entrepreneurs and business owners must make is whether to buy or lease a car. Both options have their pros and cons. The decision comes down to several factors, including the business’s financial situation, the intended use of the vehicle, and the tax implications.  Buying    

How to Qualify for R&D Tax Credits

What is R&D          The research and development tax credit is a federal incentive that allows companies to reduce income tax liability in the current year dollar for dollar when they are preforming activities related to the development, design, or improvement of things like products, software, process, etc. Many businesses, especially smaller

Should I Have an HSA Account?

What is an HSA?       Health Savings Accounts, or HSA’s, are essentially personal bank accounts that can be used for medical expenses. Contributions are made tax free as well as withdrawals when they are made for qualified health expenses. People tend to use these accounts alongside their retirement plans to reduce their taxable income.