Are Social Security benefits taxable?
GET IN TOUCH GET IN TOUCH If you’ve reached the age where you can receive Social Security benefits, congratulations! That means you’ve worked hard and paid into the system your entire working life. However, many retirees may also wonder whether they must pay income taxes on their Social Security. If these benefits are their only…
Read MoreStarting an LLC? Read This First
GET IN TOUCH GET IN TOUCH Why form an LLC? For plenty of entrepreneurs who wish to start their own business, one of the first questions they ask themselves is: What form of business entity is best for their needs? With plenty of options to choose from, and with your decision impacting everything from how…
Read MoreConsidering a C Corporation? Here’s What You Need to Know
GET IN TOUCH GET IN TOUCH When launching your exciting new business, one of the first and most critical questions you’ll need to answer is: What type of business structure is the right choice for your goals and needs? Although there are only so many structures to choose from, the decision can have profound and…
Read MoreWhat NY/NJ PTET Changes for Taxpayers in 2022?
GET IN TOUCH GET IN TOUCH The recently-implemented Inflation Reduction Act brought about sweeping changes impacting U.S. taxpayers. Yet, one frequently-debated provision of the tax code ended up remaining unchanged, in spite of demands from representatives of high-tax states with Pass-Through Entity Tax (PTET) laws: the SALT cap. However, although federal legislators who supported a…
Read MoreCOVID-19 Tax Relief: IRS Provides Broad-Based Penalty Relief
GET IN TOUCH GET IN TOUCH Did the IRS hit you with a penalty related to your 2019 and/or 2020 tax returns? If so, there is some good news that may apply to you. You don’t need us to tell you: The Covid-19 pandemic profoundly impacted all aspects of life and continues to be felt…
Read MoreInherited IRAs: What Beneficiaries Need to Know
GET IN TOUCH GET IN TOUCH Being named the beneficiary of a person’s retirement plan is an honor and demonstrates that the person who passed away was willing to trust you with their life savings. However, if you are receiving this type of inheritance, you should know it also comes with significant responsibilities, choices, and…
Read MoreReverse Mortgages: What Retirees Need to Know
If you are considering a reverse mortgage, it’s essential to understand how it works.
This article will answer some common questions about reverse mortgages and examine some risks and potential disadvantages to help you make the wisest decision for your circumstances.
Read MoreSelling a Home? Here Are the Tax Implications You Need to Understand
GET IN TOUCH GET IN TOUCH For most people, selling a home is a major life event that takes time, planning, and careful consideration. And, as with most big changes in life, it can have some tax implications. If your home is your most significant and valuable asset, you may view selling it as a…
Read MoreSame-Day Sales: Advantages, Disadvantages, and Tax Considerations
GET IN TOUCH GET IN TOUCH Employee stock options can be a valuable aspect of a good compensation package. However, knowing when and how to exercise your options is not always so simple — and it can be expensive. If you don’t have the cash to cover the expenses of your options exercise out-of-pocket, you…
Read MoreThe QBI Deduction: What Real Estate Businesses Need to Know
According to the IRS, qualified business income, or QBI, is “the net amount of qualified items of income, gain, deduction, and loss from any qualified trade or business.”
To explain it more simply: Qualified business income refers broadly to your business’s net profit.
To learn more about the qualified business income (QBI) deduction, and discover what it means for your real estate business or rental property, continue reading.
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