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Tax Law: Real estate tax deductions

Tax Code: Real Estate Pass-Through Deductions

Let’s quickly discuss how the new tax code affects real estate professionals. The Tax Cuts and Jobs Act of 2017 created a 20 percent tax deduction for some types of pass through businesses.  However, certain professionals — like attorneys, consultants, financial advisors, and brokerage services — were limited in their ability to use the deduction. Read More

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tax law blog: fraudulent tax deductions

Fraudulent Tax Deductions: Can I Go To Jail?

When auditors discover fraudulent tax deductions they asses hefty fines — and in the most egregious cases pursue criminal charges. Fraudulent Tax Deductions: Overstatements Sometimes called “padding,” typical overstating deductions tactics include claiming charitable donations, deductions for dependents, and business losses that don’t qualify per IRS guidelines. The IRS can also charge parties who overstate Read More

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Startup law: 5 tips for smartly setting up your startup

5 Legal Considerations for Every Illinois Startup

It’s time to get your Illinois startup off the ground. So let’s look at five legal considerations with which you need to familiarize yourself.  Formal Business Registration Makes a Big Difference A lot of startups don’t register their companies, and it’s a mistake. Formal registration, like  forming an LLC with your state, affords you certain Read More

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Tax Law: alimony tax-deduction replacements

The Alimony Deduction is Gone. Now What?

Untangling finances in a divorce can be excruciating. And due to the TCJA, alimony deductions are no longer an option. How can you offset the axed deduction? Let’s take a look. Pre Tax Cuts and Jobs Act: Alimony was Deductible In the past, alimony payments were pre-tax deductions, and recipients paid income taxes on the Read More

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tax law: tips for lowering 2019 taxes

Tax Law: 2019 Tax Saving Tips For You

It’s time to make last-minute moves to save on your 2019 taxes. Retirement Account Contributions Do you have a Roth or Traditional IRA to save for your retirement? United States taxpayers can put up to $6,000 a year into one of these vehicles and deduct the amount from their taxable income. Even better, you have Read More

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Tax Law: Actors Taxes

Tax Solutions for Actors: TCJA Problem

Imagine getting a tax refund for decades, only to discover that you now owe $7,000. That happened to Emily Kuroda, or as TV fans know her: Mrs. Kim from the “Gilmore Girls.” Recently, the actor opened up about how the new tax code decimated her finances. And she’s not the only one. Legions of American Read More

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Opportunity Zone Tax Law: Can Cannabis companies use the program?

Cannabis and the Opportunity Zone Program

Investors love the new Opportunity Zone (OZ) program, which allows for the diversion of capital gains into developing communities in exchange for significant tax breaks. But confusion about project qualification parameters lingers. For example: Can you invest in cannabis-related Opportunity Zone projects? Are they even allowed? It’s not an easy question to answer since state Read More

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pic to accompany blog post about freelancer tax saving tips

Six Money-Saving Tax Tips for Freelancers

Self-employed people and freelancers are leaving money on the table by not maximizing allowable tax deductions. Let’s fix that. Self-Employed Tax Saving Tip #1: Work Retirement Options Self-employed people must pony up Medicare, Social Security and income taxes. However, they have more retirement savings options at their disposal, including: Simplified Employee Pensions; Employee Incentive Match Read More

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How Does the IRS Tax Lawsuit Awards?

A judge and jury awarded a man $248 million in a lawsuit, but he only took home $18 million. Why!? How!? Answer: Taxes! Yes, federal and state authorities take a cut of lawsuit damages. That’s why it’s essential to consider tax implications during settlement talks. Below, we break down how it works, without all the Read More

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