“Are You a Real Estate Dealeror Investor?” To get my complete articlewith all the details… "Am I a real estate dealer or investor?" It seems like a simple question, but the answer could dramatically impact your tax situation. We've just published a comprehensive guide that: Clarifies how the IRS views each classification Explains the tax implications for … [Read more...]
Self-employment Tax
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Three Ways to Cut Social Security and Medicare Taxes!
“Three Ways to Cut Social Securityand Medicare Taxes!” To get my complete articlewith all the details… It’s a fact. Rising federal employment taxes, including Social Security and Medicare, are a growing burden for employees, employers, and self-employed individuals. What can you do to minimize the pain? Consider operating your business as an S … [Read more...]
Discover the Best Entity for Your Business: Use This Chart
“Which business entityis right for you? Get your free chartTo help you decide” To get my complete articlewith all the details… Are you a business owner or entrepreneur? Then you need to decide which form of business works best for you. Navigating the complex landscape of business entities can be challenging. Luckily, my detailed Entity Comparison Chart … [Read more...]
NFTs and Taxes: New Rules and What You Need To Know Now
“NFTs and Taxes: New Rules and WhatYou Need to Know Now” To get my complete, FREE articlewith all the details… In this issue of the Tax Reduction Letter, I’ll be talking about NFTs - “non-fungible-tokens.” So let’s start with a definition. What is an NFT? NFTs represent ownership of virtual or physical assets which can be bought or sold on online … [Read more...]
Tax-free Conversion of a Partnership into an S Corporation
“Tax-free Conversion of a Partnershipinto an S Corporation” To get my complete articlewith all the details... Do you run your business as a partnership or LLC? [In this issue, I’ll refer to both of these ways of doing business as partnerships, because the partnership federal income-tax rules apply to both.] Then you may be considering turning your business … [Read more...]