2023

Taxes – they’re about as enjoyable as a trip to the dentist, right? But what if I told you there’s a clever loophole that can help you legally dodge the dreaded $10,000 annual cap on state and local taxes (SALT)? Enter PTET – the State Pass-Through Entity Tax, your ticket to cutting through the tax […]

In 1984, when Section 7702 was enacted, Insurance carriers were required to provide at least 4% guaranteed interest rate of return. This could be net of reasonable carrier expenses. Since the reduction of interest rates (Moody’s AA corporate Bond Yield went from 12% in the 80’s to 2-3%), Section 7702 required from 4% to 2%.

Know the $75 Rule for Business Expenses The $75 rule applies to certain business expenses where you do not need a receipt. But we emphasize that this rule does not apply to all tax deductions. Many taxpayers mistakenly apply the $75 rule to all their tax deductions, which can result in a significant loss of

Holding Real Property in a Corporation: Good or Bad Idea? As the real estate market has cooled off in many parts of the country, investing in property may seem wise in the long run. But taxes can be a significant concern. Owning real estate in a C corporation may not be wise when considering taxes

2023 Health Insurance for S Corporation Owners: An Update Here’s an update on the latest developments in 2023 health insurance for S corporation owners. As a more-than-2-percent S corporation owner, you are entitled to some good news when it comes to your health insurance. To ensure that your health insurance deductions are in order, and

When Cancellation of Debt (COD) Income Can Be Tax-Free You may have noticed that the IRS is in a bad way. Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading into a recession. But lenders are sometimes willing to cancel (forgive) debts that are owed by financially challenged