On July 4, President Trump signed the One Big Beautiful Bill Act (OBBBA), which has the most significant tax changes since the Tax Cuts and Jobs Act of 2017 was passed 8 years ago. The new tax laws have many provisions that will affect individuals and businesses. Some of the highlights Individual Highlights: The tax […]
Here are some key points about renting personal property, which includes equipment, vehicles, and furniture. The tax treatment differs from real estate rentals, and how you classify the rental activity will affect how you report income, expenses, and potential self-employment tax. Classification of Personal Property Rentals The tax code treats personal property rentals in three […]
Tax experts can guide small businesses on the optimal organizational structure, advising whether to operate as a sole proprietorship or consider other formations like a partnership or S corporation for better protection of business interests. Tax professionals typically review financial records, ensuring all income is accurately reported and all eligible deductions and credits are claimed […]
Have you heard about the enormous tax savings you can reap by investing in a Maltese individual retirement arrangement or utilizing Puerto Rican captive insurance for your business? Before you invest your hard-earned money in these or other highly promoted tax schemes, you should check the IRS Dirty Dozen list. For over 20 years, the […]
The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be made to the IRS throughout the year as income is earned, whether through withholding, by making estimated tax payments, or both. You suffer an estimated tax penalty if […]
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