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Can I deduct unpaid invoices? 2024 Update
This blog addresses a common concern for business owners: whether they can deduct unpaid invoices for tax purposes. It explores how businesses using cash or accrual accounting methods handle unpaid de... ...more
Deductions ,Taxes &Expenses
February 17, 2025•3 min read
S-Corp Owner? – Hire your Spouse!
In this blog, we explore the potential tax-saving benefits of hiring your spouse in your S-Corp, along with important considerations to ensure you don't miss out on opportunities or risk penalties. We... ...more
Deductions ,Taxes &Expenses
February 11, 2025•3 min read
Self-Employed? Hire Your Spouse!
Hiring your spouse as an employee in your sole proprietorship or partnership can be a powerful tax-saving strategy, but only if structured correctly. Instead of traditional wages, compensate with tax-... ...more
Deductions ,Taxes &Expenses
February 04, 2025•2 min read
Deduct Solar Panels on my Rental?
Rental property owners can claim the business energy credit (IRC §48) for solar panel installations, offering a 30% tax credit under the Inflation Reduction Act of 2022. Unlike residential properties,... ...more
Deductions ,Taxes &Credits
January 28, 2025•3 min read
Deduct Solar Panels on my Main Residence?
Investing in solar panels can significantly reduce energy costs, and the good news is there are substantial tax incentives for both residential and business installations. Homeowners, like Larry, can ... ...more
Deductions ,Taxes &Credits
January 20, 2025•2 min read
What are my retirement account catch-up amounts?
The blog outlines the updated retirement account contribution limits for 2025, including increases in 401(k) and SIMPLE plan limits. IRA contribution limits remain at $7,000, with catch-up contributio... ...more
Deductions ,Income
January 14, 2025•4 min read
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