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S-Corporations- Overview, Filing Mandates, Pros & Cons and Termination/Revocation
Q: What is an S-Corporation? Why choose S-Corporation Status? First of all, S-Corporation is not an entity type. It’s an election that needs to be

What type of records should businesses maintain for tax purposes?
Some of the common questions that I get are– How do I do record keeping for my business transactions? What kind of proof is required

Child Tax Credit
What is Child Tax Credit? Child Tax Credit is a non-refundable credit that reduces your tax bill dollar for dollar. The maximum amount that can

Common Tax Deductions for Real Estate Entrepreneurs
Most real estate professionals are sole proprietors. This means that they are not someone’s employee, they have not formed a partnership with anyone, and they

5 important things to consider when it comes to Rental Properties, Depreciation and Taxes
Depreciation is an accounting mechanism for recovering the cost in an income producing property (a property that is used only for business or investment purposes).

Sec 1031- Like Kind Exchange as a tax deferment strategy- Paper 1
Usually, selling a business or an investment property and then using its proceeds to buy a similar property becomes a taxable transaction. However, there is

Sec 1031- Like Kind Exchange as a Tax Deferment Strategy- Paper 2
Sec 1031 – Like Kind Exchange Paper # 2 is in continuation to Paper # 1 which was also on Sec 1031- Like Kind Exchanges.

COVID-19, CARES Act and Deadline Delays and Extensions
In light of the new global pandemic, the CORONA virus, also known as the COVID-19, significant changes have been introduced by the Treasury, the IRS