howardtaxprepllc

[howardtaxprepllc]

Make The Closing Statement Work for You When Buying Rental Property.

"When you buy rental property, tax law divides your loan costs into two categories: Costs you incur to obtain the loan. Costs, like points, that decrease the mortgage interest rate."

Photo by Ivan Samkov on Pexels.com In our South Loop of Chicago Tax Preparation office, and our Homewood, Il tax preparation office, we often come across taxpayers that want to reduce their tax bill and save money (legally). Because we specialize in small business owner and real estate investor tax preparation & tax planning, we often come into contact with new landlords. Most of your purchase…

View On WordPress

#Business Taxes #entrepreneur #landlord #real estate #Self Employed #tax help #taxes

[howardtaxprepllc]

[howardtaxprepllc]

Make The Closing Statement Work for You When Buying Rental Property.

In our South Loop of Chicago Tax Preparation office, and our Homewood, Il tax preparation office, we often come across taxpayers that want to reduce their tax bill and save money (legally). Because we specialize in small business owner and real estate investor tax preparation & tax planning, we often come into contact with new landlords. Most of your purchase costs when acquiring a rental…

View On WordPress

#entrepreneur #landlord #rental property #small business #tax help #tax preparation #TAXES

[howardtaxprepllc]

Businesses and Rentals Existing on Jan. 1 Must File Ownership information with FinCEN.

Photo by Karolina Grabowska on Pexels.com Here in our South Loop Chicago Tax Preparation office, we assist new entrepreneurs with creating their business entity. Recently we have received questions regarding the new beneficial owner report that FINCEN will be requiring. This article will address the FINCEN business owner reports, the information required, and the businesses that must…

View On WordPress

#Business Taxes #entrepreneur #Self Employed #Small Business #Tax Planning

[howardtaxprepllc]

2023 Meals that business owners can & cannot deduct (chart included).

"Since you no longer can deduct all restaurant meals at 100%, we've done the research for you so that you can plan accordingly when organizing an office outing, having a business lunch, or providing meals for an employee meeting."

Photo by Daniel Torobekov on Pexels.com Summer is fast approaching, and with the weather change, businesses will soon be hosting office picnics, award ceremonies, and holiday parties. As is the only constant in tax matters, there are changes (again) in what meals the IRS will allow small business owners to deduct at 100% or 50%. Here in our Chicago South Loop Tax Preparation and our Homewood Il,…

View On WordPress

#Business Taxes #entrepreneur #Self Employed #Small Business #Tax Debt #tax help #Tax Planning #tax preparation #taxes

[howardtaxprepllc]

Enrolling your child in summer camp? You might be entitled to a tax credit.

Susan calculates that she paid a total of $5,000 in dependent care expenses, and her income level entitles her to a 22% reimbursement ($1,100) of the amount paid for care.

Photo by RDNE Stock project on Pexels.com Here in our Chicago South Loop Tax Preparation, and our Homewood Il, Tax preparation offices, we specialize in helping taxpayers legally reduce their taxable income, claim every tax deduction they are entitled to, and maximize tax credits. Through our work of helping taxpayers, we’ve come to find that many people often miss the Federal Child and…

View On WordPress

#entrepreneur #self employment #small business #tax credit #TAX DEBT #tax deductions #tax help #tax preparation #TAXES

[howardtaxprepllc]

Enrolling your child in summer camp? You might be entitled to a tax credit.

At tax time Susan calculates that she paid a total of $5,000 in dependent care expenses, and her income level entitles her to a 22% reimbursement ($1,100) of the amount paid for care.

Photo by RDNE Stock project on Pexels.com Here in our Chicago South Loop Tax Preparation, and our Homewood Il, Tax preparation offices, we specialize in helping taxpayers legally reduce their taxable income, claim every tax deduction they are entitled to, and maximize tax credits. Through our work of helping taxpayers, we’ve come to find that many people often miss the Federal Child and…

View On WordPress

[howardtaxprepllc]

Everything you need to know about side income, business income, & self employment taxes.

Even if you have a regular W2 job, if you earn additional income through a side gig, then you have self-employment income. Self-employment income can be earned through rideshare (Uber or Lyft) driving, delivery driver (Doordash, GrubHub, Instacart, etc.)

Here in our Chicago South Loop Tax Preparation, and our Homewood Il, Tax preparation offices, we specialize in helping business owners and real estate investors reduce their tax liability. One topic that always comes up is the topic of self-employment taxes. Regardless of age, all individuals with self-employment income must pay self-employment taxes. Even if you have a regular W2 job, if you…

View On WordPress

#business taxes #entrepreneur #self employment #small business #TAX DEBT #tax deductions #tax help #tax preparation #TAXES

[howardtaxprepllc]

Everything you need to know about side income, business income, & self employment taxes.

Photo by RODNAE Productions on Pexels.com Here in our Chicago South Loop Tax Preparation, and our Homewood Il, Tax preparation offices, we specialize in helping business owners and real estate investors reduce their tax liability. One topic that always comes up is the topic of self-employment taxes. Regardless of age, all individuals with self-employment income must pay self-employment taxes.…

View On WordPress

#Business Taxes #entrepreneur #Self Employed #Small Business #Tax Debt #tax help #Tax Planning #tax preparation #taxes

[howardtaxprepllc]

IRS Denies Residential Contractors $99,275 in Business Expenses.

"In one instance, Mr. Eze tried to claim the tuition that he paid for his daughter’s tuition as a business education expenses. He also claimed AT&T cellphone expenses of over $2,000, but the AT&T bills submitted covered tv and internet service."

Photo by Anamul Rezwan on Pexels.com Here in our South Loop of Chicago Tax Preparation office, and our Homewood, Il tax preparation office, we specialize in tax preparation for real estate investors, and small business owners. Working with this client base, we come across many general contractors that operate 95% in cash. Although cash only taxpayers are entitled to tax deductions, they (like…

View On WordPress

#business taxes #entrepreneur #self employment #small business #TAX DEBT #tax deductions #tax help #tax preparation #TAXES

[howardtaxprepllc]

IRS Denies Residential Contractors $99,275 in Business Expenses.

Photo by Anamul Rezwan on Pexels.com Here in our South Loop of Chicago Tax Preparation office, and our Homewood, Il tax preparation office, we specialize in tax preparation for real estate investors, and small business owners. Working with this client base, we come across many general contractors that operate 95% in cash. Although cash only taxpayers are entitled to tax deductions, they (like…

View On WordPress

[howardtaxprepllc]

IRS CHANGES MIND ABOUT $600 REPORTING THRESHOLD FROM VENMO, PAYPAL, & OTHER THIRD PARTY NETWORKS.

"The IRS announced on December 23, 2022 that they will "delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K."

Here in our Chicago south loop tax preparation office, and our Homewood Illinois tax preparation office, we have heard from many people that were afraid of the IRS’s pending requirement of having platforms such as Venmo, Cashapp, PayPal, etc. start reporting transactions over $600 that the user received. In addition to platforms reporting, many people were afraid that their Zelle transactions…

View On WordPress

[howardtaxprepllc]

IRS CHANGES MIND ABOUT $600 REPORTING THRESHOLD FROM VENMO, PAYPAL, & OTHER THIRD PARTY NETWORKS.

"IRS CHANGES MIND ABOUT $600 REPORTING THRESHOLD FROM VENMO, PAYPAL, & OTHER THIRD PARTY NETWORKS."

Photo by Leeloo Thefirst on Pexels.com Here in our Chicago south loop tax preparation office, and our Homewood Illinois tax preparation office, we have heard from many people that were afraid of the IRS’s pending requirement of having platforms such as Venmo, Cashapp, PayPal, etc. start reporting transactions over $600 that the user received. In addition to platforms reporting, many people were…

View On WordPress

[howardtaxprepllc]

END OF THE YEAR TAX DEDUCTION CHECKLIST FOR S CORP HOLDERS

END OF THE YEAR TAX DEDUCTION CHECKLIST FOR S CORP HOLDERS

Photo by Breakingpic on Pexels.com Here in our Chicago south loop tax preparation office, and our Homewood Illinois tax preparation office, we often work with clients that want to legally reduce their tax bill, without triggering an audit. For our self-employed clients that realize a net profit of $35,000-$40,000 we sometimes recommend that they utilize the S-Corp taxation option (rather than a…

View On WordPress

#Business Taxes #Self Employed #Small Business #tax help #Tax Planning #tax preparation #taxes

[howardtaxprepllc]

END OF THE YEAR TAX DEDUCTION CHECKLIST FOR S CORP HOLDERS

"If your S-Corp is paying you (or your spouse) as an individual rent to use your residential space for hosting business meetings, please do the following."

Photo by Breakingpic on Pexels.com Here in our Chicago south loop tax preparation office, and our Homewood Illinois tax preparation office, we often work with clients that want to legally reduce their tax bill, without triggering an audit. For our self-employed clients that realize a net profit of $35,000-$40,000 we sometimes recommend that they utilize the S-Corp taxation option (rather than a…

View On WordPress

#business taxes #entrepreneur #self employment #small business #tax deductions #tax help #tax preparation #TAXES

[howardtaxprepllc]

IRS says that some PPP (Paycheck Protection Program) loans that were forgiven improperly, are taxable.

Photo by RODNAE Productions on Pexels.com The IRS recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). To summarize, the guidance says that if a taxpayers PPP loan is forgiven based upon lies, or leaving things out (misrepresentations or omissions) the taxpayer cannot exclude the forgiven loan income from taxation; basically, you will have…

View On WordPress

#Business Taxes #covid relief #entrepreneur #paycheck protection program #ppp #Self Employed #Small Business #Tax Debt #tax help #Tax Planning #tax preparation #taxes

[howardtaxprepllc]

IRS says that some PPP (Paycheck Protection Program) loans that were forgiven improperly, are taxable.

IRS says that some PPP (Paycheck Protection Program) loans that were forgiven improperly, are taxable.

Photo by RODNAE Productions on Pexels.com The IRS recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). To summarize, the guidance says that if a taxpayers PPP loan is forgiven based upon lies, or leaving things out (misrepresentations or omissions) the taxpayer cannot exclude the forgiven loan income from taxation; basically, you will have…

View On WordPress

#business taxes #Covid-19 #entrepreneur #Paycheck Protection Program #PPP #self employment #small business #tax credit #TAX DEBT #tax help #tax preparation #TAXES