Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem.… Read More »CPA Forensic: Advantages and disadvantages of claiming big first-year real estate depreciation deductions
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately,… Read More »Emil @ CPA Forensic explain how to reduce the impact of the 3.8% net investment income tax
To maximize their tax savings, construction business owners need to plan year-round. Strategic tax planning is about not only knowing which credits and deductions your company can claim, but also minding other important details. Here… Read More »Emil @ CPA Forensic gives you strategic tax-planning Q&As for construction businesses
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for… Read More »CPA Forensic tips: Traveling for business this summer? Here’s what you can deduct
You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have… Read More »Emil @ CPA Forensic wrote: Benefits of a living trust for your estate
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing… Read More »Emil @ CPA Forensic: Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses
In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig… Read More »Emil @ CPA Forensic explain how to being a gig worker comes with tax consequences
Profit fade can be a serious problem for construction companies. It’s not only a red flag for sureties and lenders, but also a negative indicator regarding the overall financial performance of the business. As the… Read More »Emil @ CPA Forensic gives you 5 tips for avoiding profit fade
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses”… Read More »Emil @ CPA Forensic wrote: The IRS has just announced 2024 amounts for Health Savings Accounts
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you… Read More »CPA Forensic: 4 tax challenges you may encounter if you’re retiring soon