Category: Taxes
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Lease vs Buy: Tax Benefits for Your New Car
Lease vs Buy: Tax Benefits for Your New Car When considering the financial impact of getting that new car for your business/practice, you may find yourself weighing the benefits of leasing versus buying. The choice can have significant tax implications that require careful examination before you make a decision. If you listen to Dave Ramsey,…
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2024 Bonus Depreciation Bill: Tax Relief Insight
2024 Bonus Depreciation Bill: Tax Relief Insight There’s a new bonus depreciation bill in town….and here’s the lowdown: The “Tax Relief for American Families and Workers Act of 2024,” also known as HR 7024, was passed by the U.S. House of Representatives on January 31, 2024, with an overwhelming majority vote of 357-70. This legislation…
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Reducing Tax on Rental Income: The Role of Passive Losses
Reducing Tax on Rental Income: The Role of Passive Losses As a periodontist, I was never taught anything about money, much less real estate or taxes, in school. The fault is mine for not seeking this information earlier in my career. It’s amazing that once you learn how to use the tax code correctly, it…
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Tax Savings Strategies for High-Income Doctors: Maximizing Your W-2 Deductions
Tax Savings Strategies for High-Income Doctors: Maximizing Your W-2 Deductions [Editor’s Note: Today’s article is a guest post from Thomas Castelli, CPA from Hall CPA (my personal CPA group).] Navigating the maze of tax planning can be daunting for anyone, including high-income doctors. Your unique financial situation, characterized by substantial W-2 income, demands strategic foresight to safeguard…
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2024 Bonus Depreciation Update: Is It Coming Back?
2024 Bonus Depreciation Update: Is It Coming Back? In 2024, there have been some changes to the bonus depreciation rules. One notable development is the passage of the Tax Relief for American Families and Workers Act of 2024, which includes a 100% bonus depreciation provision and research and development expensing and expands the Child Tax…
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Real Estate Tax Savings: How Cost Segregation Works
Real Estate Tax Savings: How Cost Segregation Works Have you ever been told that the ultra-wealthy folks end up paying little to no taxes? I know I have. The fact is, anybody can benefit from the tax system if they know how to play the game. If I could go back in time (before dental…
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Best Tax Strategies for High-Income Earners [2024]
Best Tax Strategies for High-Income Earners [2024] As a high-income earner, navigating the complexities of a tax strategy is one of the most overlooked aspects of building wealth, especially with the 37% tax rate in 2024. Understanding your specific tax obligations and exploring legal ways to reduce your liability is important, ensuring you maximize your…
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Buy Borrow Die – How Elon Musk Pays Less Taxes Than Doctors
Buy Borrow Die – How Elon Musk Pays Less Taxes Than Doctors More than likely, if you’re a high income earner, then it’s safe to say that you pay the federal government a boatload of taxes each year. But how is it that the richest Americans (i.e. Elon Musk, Jeff Bezos, Warren Buffett, etc.) can…
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Tax Alert: Bonus Depreciation 2023 Phase Out
Tax Alert: Bonus Depreciation 2023 Phase Out Bonus depreciation is a tax incentive for businesses that allows them to accelerate the depreciation of qualified property, reducing their taxable income and providing them with an immediate benefit. Introduced under the Tax Cuts and Jobs Act, bonus depreciation allows companies to write off a percentage of the…
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Real Estate Syndication Tax Benefits For Passive Investors
Real Estate Syndication Tax Benefits For Passive Investors Real estate syndications have become an increasingly popular investment option for high-income earners seeking to branch outside the stock market seeking passive income. While the potential for generating multiple income streams is one of the primary reasons for investing in real estate syndication deals, an often overlooked…
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Step-Up In Basis At Death: What It Means For Your Estate
Step-Up In Basis At Death: What It Means For Your Estate Have you ever wondered how tax planning could benefit you, particularly regarding an inheritance? The “Step-Up in Basis” might be the answer. It’s part of the U.S. tax code that, in simple terms, adjusts the value of an inherited asset to its value at…
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7 Top Tax Benefits Of Real Estate Investing
7 Top Tax Benefits Of Real Estate Investing Investing in real estate has been widely known by the rich as a great way to build wealth because it gives investors a chance to: make passive income (cash flow) diversify their portfolios take advantage of market growth However, one of the often-overlooked advantages of buying property…
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