Ensuring compliance with Beneficial Ownership Information (BOI) is essential for businesses. Here’s a comprehensive guide to help you understand the key aspects of BOI filing. What is BOI? BOI stands for Beneficial Ownership Information, which refers to the details of individuals who own or control a company, directly or indirectly. This information is crucial for […]
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Cost segregation can be a powerful tax strategy for real estate investors. It involves breaking down a property into its components to accelerate depreciation deductions, resulting in significant tax savings. Let’s explore how cost segregation works, including examples and a comparison to traditional depreciation. What is Cost Segregation? Cost segregation is a tax planning tool
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When it comes to structuring your business, a Limited Liability Company (LLC) offers a blend of benefits that many find appealing. Let’s delve into what an LLC is, the pros and cons, and the different ways you can structure your LLC, specifically as a Sole Proprietorship or an S-Corporation. What is an LLC? An LLC,
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Indexed Universal Life (IUL) Insurance is a type of permanent life insurance that offers both a death benefit and a cash value component.
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What is Revocable Living Trust? A Revocable Living Trust is a powerful estate planning tool that offers a range of benefits. In this post, we’ll explore the pros and cons of a revocable living trust, how to create one, its comparison with an irrevocable living trust, and its role in asset protection. Pros and Cons of a
Understanding Revocable Living Trusts: Pros, Cons, and Comparisons Read More »
IRS Wants You to Know About Schemes, Scams and Cons “If it sounds too good to be true, it probably is!” Don’t become a victim to any scheme that offers instant wealth or exemption from your obligation as a United States citizen to file tax returns and/or pay taxes. Some of these schemes can literally
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Modified Adjusted Gross Income (MAGI), is a crucial figure in the tax world. It’s used to determine eligibility for certain tax deductions and credits.
MAGI (Modified Adjusted Gross Income) Read More »
A Designated Roth Account is a special type of account that you can have in a 401(k) or 403(b) plan. Unlike traditional contributions, the contributions you make to a Designated Roth Account are not excluded from gross income and are taxed in the year they are made.
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Net Investment Income Tax is a tax of 3.8% on certain investment income for individuals, estates, and trusts with income above set thresholds, introduced by the Internal Revenue Code section 1411.
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The government is giving money back to people who buy eco-friendly cars. Here’s a guide of the clean vehicle tax credits.
Save Money with Eco-Friendly Car: Clean Vehicle Tax Credits Read More »