by Steven J Weil, PhD, EA, LCAM | Jul 26, 2023 | Blog, Business Tax
When things go bad on a startup investment in a C Corporation. Section 1244 of the Internal Revenue code allows you to treat certain losses as ordinary on up to $50,000 ($100,000 married filing jointly) in a year instead of a capital loss, which is limited to $3,000...
by Steven J Weil, PhD, EA, LCAM | Mar 29, 2023 | Blog
The IRS is warning individuals to stay alert and be weary of shady tax preparers. Watch for warning signs, including charging a fee based on the size of the refund or asking you to sign a blank return. Check out the IRS’ annual Dirty Dozen campaign, a list of 12 scams...
by Steven J Weil, PhD, EA, LCAM | Feb 27, 2023 | Blog, Business Tax
Converting your business from a sole proprietorship to an S corporation is a simple three-step process. 1) Set up a corporation with your state. In Florida, corporations are set up through the Division of Corporations – Florida Department of State. They can be...
by Steven J Weil, PhD, EA, LCAM | Feb 22, 2023 | Blog, Personal Tax
All taxpayers filing forms 1040, 1040-SR, or 1040-NR must answer a question about digital assets; it is a yes or no question. Taxpayers need to click the “Yes” box if they: Received digital assets as payment for property or services provided; Transferred...
by Steven J Weil, PhD, EA, LCAM | Feb 20, 2023 | Blog, Business Tax
Unlike regular (non-S-Corporations) S-Corporations do NOT pay income tax. Instead they are considered pass-through entities. This means that the business’s profits, losses, and other items of the S-Corporation are passed through to the owners/shareholders in the year...
