Category Archives: Tax

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.

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

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

Understanding Bonus Depreciation Deductions for 2023, 2024, and 2025 Bonus depreciation has been a powerful tool for businesses looking to accelerate their tax deductions. This provision allows businesses to immediately deduct a large percentage of the cost of eligible assets. Some of these assets such as machinery, equipment, and certain improvements, rather than depreciating those

When your company sells a vehicle it owns, there are several critical steps involved. One of the most important things to consider is the tax implications are particularly significant. The sale of a company-owned vehicle not only impacts your company’s financial records but also triggers various tax consequences. Continue reading or get in touch with

It is no secret that tax laws are confusing and frustrating. However, one strategy that can offer significant tax savings is the “pass-through entity tax” election. This election can be particularly beneficial for owners of S corporations, partnerships, and LLCs. Understanding how this election works and how it can save you money is crucial for

Introduction: It is no secret that pass through businesses entities are common. They actually make up about 94 percent of business forms in the United States. On top of that, there are about 2.2 million partnerships in the United States (via The Tax Foundation). They are so popular because they offer flexibility and shared responsibilities

Introduction: Navigating the intricacies of taxes can be daunting, especially when it comes to understanding the disparities between tax credits and tax deductions. While both serve the purpose of reducing your tax bill, their mechanisms and implications differ significantly. In this comprehensive guide, we’ll delve into the distinction between tax credits and tax deductions, provide

When the lottery is at the highs it has been recently, everyone is buying a ticket in the hope that they might be the one to win the millions if not billions of dollars. Around these times a very common question is asked is, “how are lottery winning taxed in California.” Although many California residents

As the new year rolls in, so does another tax season. For businesses, staying informed about each tax filing deadline and important dates is crucial to ensure compliance and avoid penalties. Whether you’re a seasoned entrepreneur or just starting out, understanding the tax calendar can help you plan and prepare effectively. In this guide, we’ll