Tax Insights & Strategies
Welcome to our Tax Insights, Strategies, and Updates page, your go-to resource for staying informed about the latest tax law changes, financial strategies, and expert insights. Here, we share valuable guidance to help individuals and businesses confidently navigate the complexities of the tax landscape. Whether you're looking for tips to minimize your tax liability, updates on recent regulatory changes, or strategies to optimize your financial goals, you'll find it all here. See below for the latest posts, and stay ahead in your tax planning journey.
Navigating U.S. Tax Obligations While Living and Working Abroad
U.S. citizens living abroad must navigate complex tax rules, including the Foreign Earned Income Exclusion, Foreign Tax Credit, and specific reporting requirements like the FBAR and Form 8938. Understanding these obligations and benefits can help you manage your tax liability effectively.
Important Update: Beneficial Ownership Information (BOI) Reporting
On January 1, 2024, the Corporate Transparency Act (CTA) went into effect, requiring most small businesses to file a Beneficial Ownership Information (BOI) report.
S Corporation versus Sole Proprietorship - Maximize Your Tax Savings
Choosing between an S Corporation and a Sole Proprietorship can significantly impact your tax savings.
Accelerate Your Depreciation Deductions with Cost Segregation
Cost segregation is a powerful tax strategy that allows property owners to accelerate depreciation deductions by separately depreciating non-real property elements
New Reporting Requirements for Digital Assets
New tax reporting requirements are coming for digital assets like Bitcoin, NFTs, and Stablecoins. Starting with the 2025 tax year, digital asset brokers must report transactions to the IRS using Form 1099-DA.
15 Exceptions to the 10% early IRA Withdrawal Penalty
Early withdrawals from a traditional IRA typically incur a 10% penalty tax, but there are several exceptions that can help you avoid this penalty. These include scenarios like medical expenses, higher education costs, first-time home purchases, and more. Understanding these exceptions can help you manage your retirement savings effectively.