Struggling to navigate your business losses from tough years like 2020 and 2021? Many business owners fail to understand how Net Operating Losses (NOLs) work, missing out on valuable tax […]
Bonus depreciation has undergone significant changes over the past few years. Once at 100%, it dropped to 80% in 2023 and will decrease further to 60% in 2024. This means […]
2023 marked the phased reduction of real estate bonus depreciation, making cost segregation studies even more critical for maximizing tax savings. By breaking down property purchases into specific assets like […]
Travel expenses can be a tax deduction, but only with the proper documentation. Dr. Friday explains the IRS rules for business travel, emphasizing that mixing personal trips with business without […]
When making non-cash donations, the IRS requires specific documentation based on the contribution amount. Donations under $250 need a receipt with the organization’s details, while gifts between $250 and $500 […]
For self-employed individuals, HSAs offer a strategic way to reduce taxable income and save for future medical expenses. In 2024, contribution limits are $4,150 for individuals and $8,300 for families, […]
In this episode of the “One Minute Moment,” Dr. Friday highlights her firm’s extensive expertise in tax preparation and consulting for a wide range of clients, including individuals, corporations, LLCs, […]
Starting January 1, 2024, the Business Owner Informational Reporting (BOIR) requirement mandates specific business types—like partnerships and corporations filing forms 1065, 1120, and 1120S—to submit essential documentation by January 1, […]
In this episode, Dr. Friday highlights the tax differences between various business entities, such as LLCs, partnerships, and corporations. While popular choices like LLCs and S-Corps can offer benefits, they […]
Wondering how much money to contribute to your retirement from a tax perspective? Dr. Friday shares strategic advice on managing your funds when you inherit an IRA. If you are […]
In this episode, Dr. Friday clears up common tax misconceptions that could lead to costly mistakes. She explains why outdated ideas about tax laws—such as the belief that you have […]
The 2024 tax season marks the last opportunity to take advantage of current tax benefits before significant changes potentially take effect in 2025. With tax reforms looming unless Congress extends […]