by Pedro Gonzalez, CPA | May 26, 2021 | Tax Advantages, Tax Strategies
You take Bill, your best customer, to the local country club and treat him to 18 holes of golf. The golf produces a zero deduction. However, if you take your employees and their spouses and children to the local country club, where they play golf and tennis; swim;...
by Pedro Gonzalez, CPA | Feb 7, 2020 | Real Estate, Real Estate Investing, Tax Advantages
Most people are unaware that rental real estate gets more tax deduction benefits than almost any other investment. If you do not take full advantage of tax deduction benefits, it can actually mean the difference between having a loss or a profit from your rental...
by Pedro Gonzalez, CPA | Dec 31, 2019 | Tax Advantages
While many people were busy with the holidays preparations, on December 20th President Trump signed into law the Further Consolidated Appropriations Act (H.R. 1865), which included several bills. The 715 pages included two major tax bills – the Setting Every Community...
by Pedro Gonzalez, CPA | Nov 2, 2018 | Tax Advantages
In Notice 2018-76 issued in October 2018, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act. This is very good news indeed. Under this new IRS guidance, you may deduct 50 percent of your client and...
by Pedro Gonzalez, CPA | Apr 12, 2018 | Business Planning, Tax Advantages, Tax Planning & Preparation
Last week, someone approached me with this situation, “I closed my S corporation with the state in 2017. However, during 2018 I’ve had unexpected expenses from the defunct S corporation. I paid those expenses from personal funds. Where can I deduct those...
by Pedro Gonzalez, CPA | Mar 8, 2018 | Real Estate, Tax Advantages, Tax Planning & Preparation
The recent tax reform, known as the Tax Cuts and Jobs Act (TCJA), added some good benefits to your real estate rentals, both commercial and residential. Notably, your qualified business income from your real estate rentals creates a possible 20 percent tax...
