IRS already updated the 2025 tax deadlines for non-US LLC owners. And they aren’t what you think. Most founders are still working off 2024 calendars. That’s a four-figure mistake waiting to happen… Here are the dates that matter RIGHT NOW: โ March 17, 2025: Form 1120 (if your LLC elected C-corp status) โ April…
Short-term rentals, such as those listed on ๐๐ข๐ซ๐๐ง๐ ๐๐ง๐ ๐๐๐๐, are often misunderstood when it comes to tax implicationsโespecially in relation to real estate professional status. Letโs break it down clearly: ๐๐ง๐๐๐ซ ๐๐ซ๐๐๐ฌ๐ฎ๐ซ๐ฒ ๐๐๐ ๐ฎ๐ฅ๐๐ญ๐ข๐จ๐ง ๐๐๐๐ญ๐ข๐จ๐ง ๐.๐๐๐-๐๐(๐)(๐) thereโs an important exception: if the average period of customer use for a property is ๐ฌ๐๐ฏ๐๐ง ๐๐๐ฒ๐ฌ ๐จ๐ซ ๐ฅ๐๐ฌ๐ฌ,…
In my recent review of a tax return, I came across an input error that highlights the critical importance of precision in tax preparation. Here’s the scenario: A client received $๐,๐๐๐ in annuities, reported as Gross Distribution (๐๐จ๐ฑ ๐) on Form 1099-R. The distribution was a ๐๐จ๐ซ๐ฆ๐๐ฅ ๐๐ข๐ฌ๐ญ๐ซ๐ข๐๐ฎ๐ญ๐ข๐จ๐ง from their Pension account. However, the tax…
ย Imagine waiting for your tax refund for weeks, only to find out itโs delayed because of a small mistake on your return. Frustrating, right? Donโt let that be you. ๐ ๐ถ๐๐๐ฎ๐ธ๐ฒ๐ ๐๐ผ ๐ฎ๐๐ผ๐ถ๐ฑ ๐ถ๐ณ ๐๐ผ๐ ๐๐ฎ๐ป๐ ๐๐ผ๐๐ฟ ๐๐ฎ๐ ๐ฟ๐ฒ๐ณ๐๐ป๐ฑ ๐๐ถ๐๐ต๐ผ๐๐ ๐ฑ๐ฒ๐น๐ฎ๐๐! โช๏ธ ๐ผ๐ซ๐ค๐๐ ๐๐ค๐ข๐ข๐ค๐ฃ ๐๐ง๐ง๐ค๐ง๐จ: 1. Incorrect personal information: Double-check your name, Social Security number,…
Did you know that your Social Security benefits could be taxable depending on your income? Understanding the taxability of these benefits is crucial for managing your taxes efficiently. Hereโs everything you need to know! When Are Social Security Benefits Taxable? Your benefits may become taxable if your combined income exceeds certain thresholds. Combined income includes:…
