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

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 terminated the new, used and commercial clean vehicle credits for vehicles acquired after September 30, 2025. Here is what that means and what you

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. How average stay length affects short-term rental

Short-term rentals with an average guest stay of seven days or less follow special tax rules. Many owners assume all rental income is passive. However, the IRS treats these short stays differently. This guide explains how short-term rentals under seven days are taxed and what that means for you. Why short-term rentals under seven days

Saving for retirement is a major goal for many of our clients. Two of the most popular tools are the Roth IRA and the 401(k). Each has its own advantages, and many people use both. This guide compares them so you can decide what fits your goals. Roth IRA: tax-free growth You fund a Roth

Tax planning isn’t just for businesses. In fact, tax planning for individuals can lower your tax bill, improve your cash flow and help you reach long-term goals. Unlike tax preparation, which looks back at last year, planning looks ahead. Here is how it works and how we can help. Why tax planning for individuals matters

In a competitive market, managing your business finances well is key to steady growth and profit. At Flex Tax and Consulting Group, we offer fractional CFO services that move your financial management from reactive to proactive. That way, your business can do more than survive. It can thrive. What is a fractional CFO? A fractional

Selling U.S. real estate as a foreign owner brings special tax rules. Nonresident aliens face FIRPTA withholding, a U.S. tax return and, in most cases, the need for an ITIN. This guide explains each step so you can plan ahead. What is an ITIN and why do nonresident aliens need one? An Individual Taxpayer Identification

Beneficial ownership information (BOI) reporting has changed a lot since it began in 2024. Today, most U.S. businesses no longer need to file. Instead, the rules mainly apply to foreign companies registered to do business in the United States. Here is what beneficial ownership information reporting requires now. What is beneficial ownership information reporting? The

When a foreign person sells U.S. real estate, the buyer generally must withhold 15% of the sale price under FIRPTA. This excess withholding often far exceeds the seller’s actual tax. For example, a foreign seller might make a $200,000 profit on a $1.2 million sale. That seller might owe about $30,000 in tax, yet $180,000