Avoid These Common Mistakes When Converting to an S Corporation

Avoid These Common Mistakes When Converting to an S Corporation

Pedro Gonzalez, CPAOct 7, 20227 min read

At first glance, the corporate tax rules for forming an S corporation appear simple. However, they are not. You are already aware the tax code is full of hidden rules. The IRS knows these rules and you need to know…

When Is Your Income Subject to Self-Employment Taxes

When Is Your Income Subject to Self-Employment Taxes

Pedro Gonzalez, CPAJul 15, 20225 min read

Self-employment taxes are the same as payroll taxes for the self-employed and it is used fund Social Security and Medicare. All individuals with self-employment income must pay self-employment taxes, regardless of their age. The self-employment tax is paid on your…

The IRS Wants to Know about Your Crypto

The IRS Wants to Know about Your Crypto

Pedro Gonzalez, CPAJun 1, 20228 min read

The IRS really interested about your bitcoins and other crypto. You may have not noticed this, but it starts at the top of the first page of your Form 1040, where you find the following question right after the spaces…

The IRS audited your business and concluded that you misclassified some employees

The IRS audited your business and concluded that you misclassified some employees

Pedro Gonzalez, CPAMay 1, 20227 min read

Uh-no! The IRS audited your business and concluded that you misclassified some workers as independent contractors. The IRS says they are employees. You are worried—rightfully worried. 😲  If you got this wrong, the IRS will assess years of back employment…

What You Need to Know About Reverse Mortgages and the Tax Angles

What You Need to Know About Reverse Mortgages and the Tax Angles

Pedro Gonzalez, CPAFeb 20, 20229 min read

If you’re an “experienced” homeowner, age 62 or older, you may need to tap into your home equity because you are “house-rich but cash-poor.” If so, you are not the only one.   But what are your options?   You…

Tax Related Posts

In this section all posts are tax related

Avoid These Common Mistakes When Converting to an S Corporation

At first glance, the corporate tax rules for forming an S corporation appear simple. However,…

ByByPedro Gonzalez, CPAOct 7, 2022

When Is Your Income Subject to Self-Employment Taxes

Self-employment taxes are the same as payroll taxes for the self-employed and it is used…

ByByPedro Gonzalez, CPAJul 15, 2022

The IRS Wants to Know about Your Crypto

The IRS really interested about your bitcoins and other crypto. You may have not noticed…

ByByPedro Gonzalez, CPAJun 1, 2022

The IRS audited your business and concluded that you misclassified some employees

Uh-no! The IRS audited your business and concluded that you misclassified some workers as independent…

ByByPedro Gonzalez, CPAMay 1, 2022

What You Need to Know About Reverse Mortgages and the Tax Angles

If you’re an “experienced” homeowner, age 62 or older, you may need to tap into…

ByByPedro Gonzalez, CPAFeb 20, 2022

Your Short-Term Rental May Be Subject to Self-Employment Tax

In recent years, advances in technology have provided multiple opportunities for taxpayers to earn additional…

ByByPedro Gonzalez, CPAJan 18, 2022

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Your Short-Term Rental May Be Subject to Self-Employment Tax

In recent years, advances in technology have provided multiple opportunities for taxpayers to earn additional…

ByByPedro Gonzalez, CPAJan 18, 2022

Depreciation, Real Estate Investor’s Best Friend

Depreciation is your best fried, when you own rental property. One reason depreciation is so valuable…

ByByPedro Gonzalez, CPAJan 14, 2022

Updated PPP Rules

The new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to…

ByByPedro Gonzalez, CPAJan 8, 2021

Did You Miss Out On The Previous PPP Opportunities?

Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection…

ByByPedro Gonzalez, CPAJan 4, 2021

Post Grid #2

Avoid These Common Mistakes When Converting to an S Corporation
When Is Your Income Subject to Self-Employment Taxes
The IRS Wants to Know about Your Crypto
The IRS audited your business and concluded that you misclassified some employees
What You Need to Know About Reverse Mortgages and the Tax Angles
Your Short-Term Rental May Be Subject to Self-Employment Tax
Depreciation, Real Estate Investor’s Best Friend
Is Your Side Hustle a Business or a Hobby?
The Importance of Buy-Sell Agreements