by Pedro Gonzalez, CPA | Jan 9, 2022 | Tax Strategies
Is your side hustle a hobby? If you want more tax deductions, my advice to you is to start a business. If you want to control your financial future, start a business. If you want to make money like the rich do, building assets and legally paying little to no taxes,...
by Pedro Gonzalez, CPA | Jan 8, 2021 | Business Consulting, CARES Act
The new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pockets if you have or had PPP money. Before we go further, please note the PPP money comes to you in what appears to be a loan. We say “appears” because you...
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 | Apr 19, 2019 | Real Estate, Tax Planning & Preparation
The Tax Cuts and Jobs Act (TCJA) tax reform added new tax code Section 199A, which created a 20 percent tax deduction possibility for you if your rental property: (a) has profits and (b) can qualify as a trade or business. The current tax law as now stands, with...
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...