-
Should You Operate as a C Corporation as a Single Owner?
•
If you’re a single-owner business trying to keep your operations and personal finances strictly separate, electing or maintaining…
-
Smart Strategies to Avoid IRS Penalties on Estimated Taxes
•
Avoiding CP30 Notices: A Guide to Estimated Tax Planning
-
Forget to File? The IRS Didn’t Forget About You
•
If you haven’t filed yet and expect to owe, submit an extension ASAP to dodge the hefty late filing penalty.
-
S Corp Tax Savings Explained: What Every LLC Owner Should Know
•
If you operate a single-member LLC or multi-member LLC taxed as a partnership, you may be familiar with self-employment taxes eating into your bottom line. Electing S Corporation (S Corp) status can offer real tax savings….
-
The Art of Giving (Without Triggering Form 709)
•
In 2024, you could gift up to $18,000 per person without filing a Form 709, thanks to the annual gift tax exclusion under IRC §2503(b). In 2025, that number bumps up to $19,000, or $38,000 if you’re married and splitting the generosity. You can gift to as many people as you want—friends, family, your dog…
-
You Always Owe? Fix that this Year…
•
Taxes can be a headache, but the IRS actually does give you a few tools to avoid overpaying—or worse, getting hit with a surprise bill. Remember your estimates aren’t set in stone. If your income or deductions shift mid-year, your payments can too. Check in periodically to make sure you’re not leaving savings on the table—or opening…
-
Backdoor Roth IRA Conversions: A Powerful Strategy for High Earners
•
High-income taxpayers are often phased out of making direct Roth IRA contributions due to income limits, fortunately, the “backdoor Roth IRA” offers a legal workaround…
-
RSU Tax Planning for Professionals with Equity Compensation
•
If you’ve received Restricted Stock Units (RSUs) as part of your compensation, understanding how they’re taxed is essential to avoid unexpected bills and plan effectively. This article is especially relevant to professionals in the following industries: RSUs are taxed as ordinary income when they vest. The fair market value of the shares on the vesting…
-
How Much Do Charitable Donations Reduce Income Tax?
•
If your expenses exceed the standard deduction and itemizing is more beneficial, you may wonder how donations affect your taxable income. Assuming an adjusted gross income (AGI) of $105,000, you can deduct cash contributions to qualified charities up to 60% of your AGI—approximately $63,000. Any contributions beyond this limit can be carried forward for up…
-
Married Filing Separately in a Community Property State? What You Need to Know for Student Loan Recertification.
•
While filing jointly is often the most tax-advantageous option for married couples due to lower rates and broader credit eligibility, there are situations – such as one spouse having significant debt, legal issues, or defaulted student loans – where filing separately may provide important financial protection and strategic benefits. If you’re married and live in…
