Deciphering Cryptocurrency Income: What’s Subject to Self-Employment Tax and What’s Not
Cryptocurrency, often hailed as the future of finance, has not only disrupted traditional financial systems but also introduced a new frontier of income generation. With the rise of digital currencies…
Navigating Tax Deductions: Understanding 100% and 50% Meal Expenses
When it comes to business expenses, understanding what is and isn’t deductible can be a complex matter. One particularly major area of concern for many business owners and self-employed individuals…
Navigating SALT Cap Limitations: Workarounds for Pass-Through Entities
The Tax Cut and Jobs Act (TCJA) of 2017 introduced significant changes to the U.S. tax landscape, including the imposition of the State and Local Tax (SALT) deduction cap. Under…
Optimizing Your Payroll: Striking the Right Balance for S Corporations
Managing payroll in S Corporations involves a delicate balancing act. Business owners making the S Corporation election must pay themselves a reasonable wage, commonly referred to as a “fair wage.”…
Demystifying Cryptocurrency Taxation: Unveiling the secrets of Staking, Mining, and Taxable Transactions
Cryptocurrency has transformed the financial landscape, offering innovative ways to invest, transact, and even earn rewards through activities like staking and mining. However, the tax implications of these activities can…
Decoding Rental Property Basis: Understanding Components and Capitalization of Improvements
Investing in rental properties offers a pathway to financial growth and passive income. Yet, success in this realm requires a comprehensive grasp of foundational concepts like basis, which forms the…
Understanding ERTC Credits: The Importance of Timely Claiming and Fund Amendments
As businesses navigate the complexities of financial management, one key aspect that demands attention is the Employee Retention Tax Credit (ERTC). The ERTC has emerged as a significant component of…