Maximize Your Tax Savings with California PTET
California business owners operating through S corporations, Partnerships, and LLCs taxed as Partnerships, may have access to a major tax-saving opportunity through the California Pass-Through Entity Elective Tax (PTET). For many business owners, especially higher-income taxpayers, the PTET election can create substantial federal tax savings by allowing California state taxes to become deductible at the […]
14-Day Rule: Rent Your Home to Your Business
Discover how you and your business can benefit from this powerful tax strategy If you are a business owner in the United States, there is a powerful and completely legal tax strategy that may help you reduce your tax liability: the Augusta Rule. This strategy allows qualifiers to rent their personal residence to anyone, including their […]
Can You Deduct Your Health Insurance as a Business Owner?
Here’s what every S-Corp shareholder, Partner and Sole Proprietor should know. Health insurance premiums can often be tax-deductible for business owners, but the way the deduction works depends on your business structure. The rules are different for S-Corporations, Partnerships, and Sole Proprietors, and reporting the deduction incorrectly could cause the IRS to disallow it. Below […]
What Happens If a U.S. Citizen Didn’t File Taxes in Years? Options for Becoming Compliant
Learn the key differences between SDOP and SFOP under the IRS Streamlined Filing Compliance Procedures. Discover requirements, penalties, and how U.S. taxpayers can fix unreported foreign income and FBAR filings.