Tax & Business

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 individuals and business owners — and in many cases, they are. But if you already have a high-paying W-2 job, the benefits of electing S-Corp status for your side hustle may be marginal at best — or even counterproductive. Understanding S-Corp taxation for high-income

As part of its ongoing commitment to environmental sustainability and reducing carbon emissions, the U.S. government offers a tax credit for individuals purchasing used electric vehicles (EVs). This incentive not only makes electric vehicles more accessible but also encourages the adoption of green technology by a broader audience. Here’s what you need to know about

In the complex world of financial management and tax planning, understanding the implications of various debt relief options is crucial for maintaining financial health. One such option that often comes under consideration during times of financial distress is Chapter 7 bankruptcy. As a tax firm committed to guiding our clients through their financial challenges, we

Filing taxes separately while married in a community property state can present unique challenges and opportunities for asset management. Community property laws require that income and most assets acquired during the marriage be considered jointly owned, even if you choose the Married Filing Separately (MFS) status. This article from Flex Tax and Consulting Group provides

Facing an IRS audit can be daunting, but not all audits are created equal. The Correspondence Audit, known for its simplicity, is the most common type and is typically the least stressful. Here’s what you need to know to navigate a Correspondence Audit effectively. What is a Correspondence Audit? A Correspondence Audit is the simplest

Cost segregation is a valuable tax strategy designed to accelerate depreciation deductions for property owners. By reclassifying components of a property into shorter-lived categories, businesses and investors can unlock significant tax savings. At Flex Tax and Consulting Group, we offer a comprehensive approach to cost segregation with our in-house realtors, mortgage lenders, and CPA tax

Introduction In U.S. tax law, being classified as a “real estate professional” carries significant implications, especially concerning the treatment of rental income and losses. This status not only affects the taxation of property-related activities but also facilitates sophisticated tax strategies like cost segregation. This article explores the definition of a real estate professional for tax

Introduction In the realm of real estate investment, understanding the distinction between active and passive rental activities is crucial for optimizing tax benefits. Active rental real estate involves a level of participation that goes beyond mere ownership, offering significant implications for how income and losses are reported. This guide delves into what constitutes active rental

Introduction Long-term rentals that do not include substantial services fall under a simpler tax category, making them an attractive option for property owners. Classified as passive activities for tax purposes, these rentals offer streamlined tax reporting and several financial benefits. This article delves into these implications and the advantages they provide to landlords. Tax Reporting

In the diverse world of real estate investments, short-term rentals hold a unique position, especially when it comes to tax reporting and the nature of income they generate. The distinction between passive and ordinary income, as well as the services provided during the rental period, heavily influences how these earnings should be reported to the

Introduction In the dynamic world of short-term rental markets, rentals lasting less than 7 days occupy a unique niche, closely resembling the operational dynamics of hotel management. This model requires property owners to be significantly involved in day-to-day operations, much like hotel managers, who deal with high guest turnover and provide extensive services. Such active

At Flex Tax and Consulting Group, we understand that preparing for retirement is a major financial goal for many of our clients. Choosing the right retirement savings plan is crucial to this process, and two popular options are the Roth IRA and the 401(k). Each has its unique advantages and can play a vital role

At Flex Tax and Consulting Group, we understand that tax planning is a crucial component of financial health, not just for businesses but for individuals as well. Effective tax planning goes beyond mere tax preparation; it involves proactive strategies designed to minimize liabilities and maximize financial well-being. Here, we delve into how strategic tax planning

In today’s competitive marketplace, understanding and effectively managing your business finances is crucial to sustained growth and profitability. At Flex Tax and Consulting Group, we specialize in providing Fractional CFO services designed to transform your financial management strategy from reactive to proactive, ensuring that you survive and thrive. What is a Fractional CFO? A Fractional

At Flex Tax and Consulting Group, we understand nonresident aliens’ complexities when dealing with U.S. real estate transactions. Selling property in the United States involves a variety of regulatory and tax obligations that can be daunting. One crucial aspect that nonresident aliens must navigate is compliance with tax laws, specifically using an Individual Taxpayer Identification

In today’s complex financial landscape, understanding the concept of beneficial ownership is crucial for compliance with legal standards and for conducting transparent business operations. At Flex Tax and Consulting Group, based in the San Francisco Bay Area, we prioritize helping our clients navigate the intricacies of beneficial ownership. This guide sheds light on what beneficial

Non-U.S. sellers of U.S. real estate are subject to a mandatory 15% withholding tax at the time of sale, primarily serving as a security measure to ensure the IRS collects due taxes from international transactions. This withholding often significantly surpasses the seller’s actual tax liability. For instance, a foreign seller profiting $200,000 from a property