Imagine this: your Schedule C business buys a home at the beach, uses it solely as an entertainment facility for business, pays off the mortgage, and deducts all the expenses. Now say, 10 years later, without any tax consequence to…
Do you have a beach or mountain home that you rent out? If the average period of rental is less than 30 days, you likely have a choice—either claim the income and expenses on Schedule C, or claim the income…
Working at a tender age is an American tradition. What isn’t so traditional is the notion of kids contributing to their own IRA, especially a Roth IRA. But it should be a tradition, because it’s a really good idea. Here’s…
As you may remember, two bad things happened to the Employee Retention Credit (ERC): On November 15, 2021, Congress retroactively repealed the ERC for the fourth quarter of 2021 (except for start-up businesses). On August 4, 2021, the IRS issued…
