We’ve received plenty of questions from clients regarding tax penalties and, more importantly, what they can do to see some relief from them on their tax returns. Whether they are penalties that apply to individuals, entities, tax-exempt organizations, etc., today’s video is going to dive into this topic and break things down, so that if…
Every business deals with expenses; like it or not, money has to be spent in the process of earning income. However, deducting expenses from tax returns helps business owners, real estate investors, etc., minimize their tax bills. Deducting expenses can be a tricky subject to deal with every year, as laws change and the IRS…
A subject that comes up quite often at Anderson, when helping set up entities for clients, is clarifying the difference between a hobby vs business. What exactly differentiates the two? While it may seem like a trivial matter, the IRS has very clear rules about what constitutes a hobby vs a business. These rules become…
Why Would Anyone Use a C-Corporation? John is a real estate investor who is wholesaling and flipping properties. He is in the beginning stages of his business and some attorney says to create something called a “C-Corporation” for his business. He forms the business and all is well until he talks to his accountant who…
As information becomes more readily available, we, as a society, are forced to endure those who would use that information to gain access to our most intimate details. As Francis Bacon, the 16th-century politician/author stated: “Opportunity makes a thief.” Most of the time, fear is an opportunity that a thief is ready to pounce on…
