Month: February 2023

  • Cost Segregation Study

    A Cost Segregation Study can be done as a way to accelerate the deduction of capital assets. Generally when you buy a building and put it into service, start renting it out, you depreciate the building portion of the purchase price over 39 years (non residential) or 27.5 (residential). Which results in a very small…

  • Do I have to have a Board Meeting?

    Having regular board meetings is important to the success of an organization. They are used in businesses large and small, nonprofit groups, and can be useful in many other projects with others. A Board Meeting should include all the key players of an organization. You can include other experts that may have beneficial input in…

  • FairTax Act of 2023

    The FairTax Act of 2023 FairTax Act of 2023 (H.R.25) has been introduced to the United States Congress. Is it time for a tax revolution? The current US Tax Code grows more complex daily, politicians in Washington add 1 new tax code per day to fund their bills. No regular taxpayer could possibly ever know…

  • Got 1099?

    A 1099 is an income reporting document filed with the IRS to report payments made to others. It essentially acts as a tax receipt, if you have not filed one for payments to contractors and you are audited you may be denied the deduction. 1099’s are generally sent by businesses using contractors for services, landlords…

  • Goals of an IRS Audit

    The goal of an IRS Audit is to enforce the tax law fairly and efficiently to increase voluntary compliance and narrow the tax gap. When you are selected for an IRS audit it can disrupt your life and invade your privacy. It can be expensive to hire representatives who know the law to defend you…

  • Estate & Gift Taxes

    The 2023 “Gift and Estate Tax Exemption” amount is $12,920,000 for a single person, or $25,840,000 for a married couple. This means that if you die in 2023 and the total fair market value of your assets at your time of death exceeds $12,920,000 every dollar more will be subject to an Estate tax of…

  • General Welfare is not Taxable

    If a payment is made for the promotion of the general welfare or as a disaster relief payment, it may be excludable from income for federal tax purposes under the General Welfare Doctrine or as a Qualified Disaster Relief Payment. The IRS has reviewed the types of payments made by various states in 2022 that…