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Avoid These Common Mistakes When Converting to an S Corporation

Avoid These Common Mistakes When Converting to an S Corporation

by Pedro Gonzalez, CPA | Oct 7, 2022 | Tax Planning & Preparation, Tax Strategies

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 them, too. In this article, we do two things: We help...
When Is Your Income Subject to Self-Employment Taxes

When Is Your Income Subject to Self-Employment Taxes

by Pedro Gonzalez, CPA | Jul 15, 2022 | Business, Tax

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

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

by Pedro Gonzalez, CPA | Feb 20, 2022 | Real Estate, Tax Strategies

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 can solve this cash shortfall problem and reap big...
Your Short-Term Rental May Be Subject to Self-Employment Tax

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

by Pedro Gonzalez, CPA | Jan 18, 2022 | Real Estate Investing, Tax Strategies

In recent years, advances in technology have provided multiple opportunities for taxpayers to earn additional streams of income or start a new business altogether. The “gig economy” business models (such as Uber, Airbnb, etc), haven’t solely generated...
Depreciation, Real Estate Investor’s Best Friend

Depreciation, Real Estate Investor’s Best Friend

by Pedro Gonzalez, CPA | Jan 14, 2022 | Real Estate Investing, Tax Strategies, Uncategorized

Depreciation is your best fried, when you own rental property. One reason depreciation is so valuable is that, unlike deductible rental property expenses such as interest and maintenance, you get to claim depreciation year after year without having to pay anything...
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  • Avoid These Common Mistakes When Converting to an S Corporation
  • When Is Your Income Subject to Self-Employment Taxes
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