Flex Tax and Consulting Group

Are you building, renovating, or renting out a foreign property while living in the U.S.? If so, the IRS has strict rules about what you can deduct, what must be capitalized, and how to stay compliant—especially if you’re planning to list the property on Airbnb or turn it into a rental. In this guide, we’ll

S-Corporations are often promoted as a go-to tax strategy for self-employed people and business owners. In many cases, they work well. But if you already have a high-paying W-2 job, an S-Corp election for your side business may help only a little, or even backfire. So it pays to check the numbers first. This case

When did the EV tax credit end? The federal new, used and commercial clean vehicle credits ended for vehicles acquired after September 30, 2025. If you’re shopping for an electric vehicle, you may be wondering whether you can still get a tax credit. Unfortunately, the federal EV tax credits have ended. The 2025 tax law

When debt becomes overwhelming, it helps to understand every option, including Chapter 7 bankruptcy. As a tax firm, we see how debt relief can affect a client’s finances and taxes. This article gives a plain-English overview of Chapter 7 bankruptcy and how it can offer a fresh start. For the legal side of bankruptcy, we

Married filing separately works differently in a community property state. Under state law, most income and assets acquired during the marriage belong to both spouses equally. So even when you file separate returns, each spouse usually reports half of the community income. This guide explains how to manage your assets and taxes in that situation.

Getting an IRS audit letter can be stressful. However, not all audits are the same. A correspondence audit, handled entirely by mail, is the most common type. It is also usually the simplest. Here is what you need to know to handle a correspondence audit well. What is a correspondence audit? In a correspondence audit,

A cost segregation study can speed up depreciation on real estate you own for business or investment. By moving parts of a property into shorter recovery periods, owners can take larger deductions sooner. This guide explains what a cost segregation study is, who can benefit and how we help. What is a cost segregation study?

Qualifying as a real estate professional for tax purposes can change how your rental losses are treated. Paired with cost segregation, it can also create large deductions against your other income. This guide explains the rules and the benefits. Who qualifies as a real estate professional? Under Section 469(c)(7), you qualify as a real estate

Many landlords hear that being “active” in rental real estate unlocks tax benefits. That’s partly true. However, the rules use two different terms, active participation and material participation, and they mean different things. This guide explains how active rental real estate is taxed and which benefits you can actually claim. Rental real estate starts out

Long-term rentals without substantial services are one of the simplest real estate investments to handle at tax time. They are usually passive activities, reported on Schedule E and free of self-employment tax. This guide covers the tax advantages of long-term rentals and the limits to watch. Reporting long-term rentals on Schedule E You report income

Short-term rentals with average stays between 8 and 30 days sit in the middle of the tax rules. Depending on the services you provide, your income may be passive rental income on Schedule E or business income on Schedule C. This short-term rental tax guide explains the difference. Quick answer: what is a self rental