💼 S Corporation Owners: While S Corps can't have home offices, you can still create tax-free income using an Accountable Reimbursement Plan! Here’s how: When your S Corp reimburses you for business-related home expenses like internet, utilities, or office supplies, this reimbursement isn’t considered taxable income. You get the money back tax-free, while your business gets a deduction. It’s a smart way to lower your taxable income and keep more of your earnings! Make sure to document everything and enjoy the tax savings! Book a meeting at this link below. https://calendly.com/d/cphr-s6j-zkv... #SCorporation #TaxFreeIncome #AccountableReimbursementPlan #SmallBusiness

Professional tax planning strategies can save you thousands of dollars. Contact us: https://calendly.com/d/2p6-6bg-x8v/... Learn more at: https://dcataxplanning.com/

We work with you all year long to implement your specific tax-saving strategies, continue increasing your profit, and help you keep more of what you earn. Let us work for you! Schedule a free consultation: https://calendly.com/d/2p6-6bg-x8v/... Learn more about us at www.dcataxplanning.com

Speeding up Depreciation Deductions – One significant tax benefit of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you get without spending any additional money. But regular depreciation for real property is slow. Residential rental property is depreciated over 27.5 years and non-residential property over 39 years, providing a relatively small deduction each year. Fortunately, there is a way you can speed up your depreciation deductions—especially during the first year or years you own the property: cost segregation. Contact us: https://calendly.com/d/2p6-6bg-x8v/... Learn more at: http://dcataxplanning.com/

As you consider winding down your partnership, here’s an overview of three types of partnership dissolutions: 1. One partner buys out the other partners. 2. Partnership liquidation with asset sale. 3. Partnership distributes all assets to partners. Considerations · Tax forms. Regardless of the scenario, you must file a final partnership tax return (IRS Form 1065) and issue a final Schedule K-1 to each partner. · State taxes. Be aware of any state tax obligations that might arise from these transactions. · Passive losses. When you liquidate the partnership, any suspended passive losses may become deductible. Contact us: https://shorturl.at/bnOP5 Learn more at: http://dcataxplanning.com/

SELL YOUR HOME TO YOUR S CORP Selling your home to your S corporation before converting it into a rental property can offer substantial financial advantages. While there are considerations such as increased property taxes and the loss of the homestead exemption, the potential tax savings and increased cash flow typically provide a net positive outcome. If you want to explore this strategy, contact us: https://shorturl.at/bnOP5 Learn more at: http://dcataxplanning.com

Considering converting your home to a rental? Sell it to your S Corp First! Selling your home to your S corporation before converting it into a rental property can offer substantial financial advantages. While there are considerations such as increased property taxes and the loss of the homestead exemption, the potential tax savings and increased cash flow typically provide a net positive outcome. If you want to explore this strategy, contact us: https://shorturl.at/bnOP5 Learn more at: http://dcataxplanning.com #RentalProperty #SellYourHouse #TaxSavings #BusinessTaxes

Rental Property: Add a New Roof . . . Deduct the Old One If you replace an old roof that initially cost $100,000 and has $40,000 of depreciation, you can deduct this $40,000 immediately rather than depreciating it over the remaining useful life. You also avoid paying the unrecaptured Section 1250 gain tax on the $60,000 of depreciation you have already taken. Contact us if you plan to replace a building component on your rental property and want our help ensuring the best tax benefit. https://shorturl.at/bnOP5 Learn more at: http://dcataxplanning.com

The IRS allows businesses to provide smartphones and tablets such as iPads as a tax-free fringe benefit, simplifying tax implications and eliminating the need for detailed usage records. This benefit applies to corporations, partnerships, and other entities, and it can be offered to any or select employees, partners, and independent contractors. Benefits: · Businesses can deduct smartphone costs. · Recipients don’t pay taxes on this benefit. · Recipients don’t need to keep records of business and personal use. Sole Proprietors and Single-Member LLCs Individual sole proprietors and single-member LLCs taxed as sole proprietors do not qualify for the benefits above because they are not considered employees for this fringe benefit. To deduct their smartphones, they need to track business and personal use. Contact us for more information. https://shorturl.at/bnOP5 Learn more at: http://dcataxplanning.com

Is the Corporate Transparency Act Unconstitutional? The question has gone to the Eleventh Circuit Court of Appeals. Here’s the bottom line: if your business was formed in 2024, you still have only 90 days to file your Beneficial Ownership Information (BOI) report with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN). If your business was formed before 2024, you can wait to see what the court determines. BUT -if no decision has been made by the end of 2024, be sure to file your BOI report to avoid penalties.

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Attention Young Adults: It’s Time to Fund an IRA. And it’s not too late! If, starting at age 22, you contribute $2,500 to a Roth IRA at the end of each year for 38 years, the Roth account would be worth about $269,000 at age 60, assuming a rate of 5% annual rate of return. If you assume a more optimistic 8% annual rate of return, the account would be worth about $551,000 at age 60. And your contributions are only $95,000. You can start or add funds to your IRA for 2023 until April 15. Contact us for more information. https://shorturl.at/bnOP5 Learn more at: http://dcataxplanning.com

Overfunded 529 College Fund? You’ve got options. Contact us for more information. https://shorturl.at/bnOP5 Learn more at: http://dcataxplanning.com