Flex Tax and Consulting Group (FTCG)
This article was authored working with wikiHow, the world’s largest “how to” site, and also featured here on the wikiHow website. Before you can improve your financial health, you need to analyze your current finances. Keep track of your expenses for a month and look at where you are spending the most. Use extra money to […]
How to Analyze Your Current Finances Read More »
This article was authored working with wikiHow, the world’s largest “how to” site, and also featured here on the wikiHow website. While you may have heard that nothing is certain but death and taxes, it is possible to reduce your US taxes to nearly zero, even when you’re paid a salary. Reduce your taxable income
How to Reduce Your Taxes on Salary Income Read More »
This article was authored working with wikiHow, the world’s largest “how to” site, and also featured here on the wikiHow website. Even if a nonprofit organization has achieved tax-exempt status, for example under Section 501(c)(3), the organization is likely still required to file a tax return annually. If your nonprofit has employees that are paid, or takes
How to Prepare a Tax Return for a Nonprofit Read More »
With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling that you use exclusively and regularly
How Many Whole or Partial Rooms Can You Use for Your Home Office? Read More »
You likely formed an S corporation to save on self-employment taxes. If so, is your S corporation salary nonexistent? too low? too high? just right? Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will pay not only income taxes and self-employment taxes
Avoid Trouble: Don’t Let the IRS Set Your S Corporation Salary Read More »
During this COVID-19 pandemic, landlords have two big possible problems: Tenants who can’t pay the rent. Tax losses they can’t deduct. We’ll start with the tenants and then move on to the rental property tax-loss issues. For the first time in U.S. history, residential landlords are subject to a sweeping nationwide federal moratorium on evictions
Government to Landlords: Drop Dead! Read More »
We have already known a lot of charity entities in the world. They always had different operating under different business types; foundations, nonprofit organizations, or charities participate in our daily activities. We may use these terms incorrectly and interchangeably. Although all the organizations mentioned are to help the less fortunate in society, they differ in
What is the difference between a nonprofit and foundation? Read More »
Internal Revenue Code § 121 provides taxpayers with an income tax exclusion from the gain of taxpayer selling a primary residence. The exclusion amount for a single up to $250,000 and married couples will raise to $500,000. To qualify for the exclusion, the taxpayer-owned and used the property as the taxpayer’s principal residence for periods
Nonresident Aliens and The Section 121 Principal Resident Exclusion Read More »
One of the advantages of operating a business as a partnership is the right to make special allocations of tax items among the partners. You have the same opportunity if you run your business as an LLC that’s treated as a partnership for federal tax purposes. What Is a Special Tax Allocation? A special tax
Take Advantage of Partnership Special Allocation Read More »
The PPP free-cash program to assist businesses during the COVID-19 pandemic is gaining traction and clarity. If you operate your business as a partnership, you have several recent developments that make the free-cash program more to your benefit. Partner’s Self-Employment Income Creates Cash and Forgiveness Just as sole proprietors failed originally to ask for their
Six Insights into the PPP for Partnerships Read More »
Since the CARES Act passed, there has been a lot of talk about getting funding to businesses to help the economy. Businesses received some relief through Payroll Protection Program loans, Economic Injury Disaster Loans (EIDL),-Employee Retention Credits and an increase in the allowable business interest deduction limit, to name a few. But what about the
Marrying or Married to a Non-Resident Alien? Filing Status Information The IRS defers stating or foreign law to determine whether you have a valid marriage. In most cases, a marriage in a foreign country is valid for U.S. tax purposes. “Can I File Single if Married to Non-Resident Alien?” Generally, no, you can’t file single
Filing Taxes When Marrying a Non-U.S. Citizen Read More »
