How to Pay Your Kids in Your Business

father and 2 sons with laptops

This has to be one of the most under utilized tax strategies by small business owners with families today. Many don’t realize that paying their children under age 18 is an excellent strategy to minimize their tax liability, not to mention it creates a host of other ancillary benefits.

Rules for Foreigners Investing in Rental Property in the U.S.

little wooden toy house with a 100 bill inside it and some stacks of coins next to it

The U.S. tax rules that apply to ownership and dispositions of U.S. real estate by foreign persons are different in some important respects from the rules that apply to U.S. persons. Also, property managers are under special rules when managing property for foreign owners, and sellers to foreign investors can be classified as withholding agents (which have important obligations and liabilities associated with the classification).

How Short-Term Rentals are Taxed

pretty households

More and more real estate investors are adding ‘short-term rental’ properties to their portfolios and with a lot of success. However, many still have questions about where to place them in their tax and legal structure.

Filing an Extension for my Business Taxes

Many business owners don’t realize that they still may need to file a tax return even if the business didn’t make any money this past year. Filing is an Extension for your business doesn’t cost anything and it’s an easy way to avoid any penalties and give you additional time to file a more accurate […]

The Most Common IRS Penalties and How to Avoid Them

person saving coins

There are three (3) common IRS penalties that hit individual taxpayers the most. They can easily be avoided with a little planning. Listen…paying taxes is difficult enough, don’t add insult to injury by having to pay penalties and interest on top of income taxes. The IRS penalties ALONG WITH interest can add up quickly. It […]

How a Small Business Saves Taxes and Builds True Wealth

business owner wearing a apron and smiling

I’m not proposing setting up any sort of business to simply lose money for tax write-offs, but to build a business that allows you to make more money, and save taxes by writing things off you wouldn’t otherwise be able to.