REH CPA
REH CPA
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Home Sale Tax Exclusion For Multiple Residences
Do you own multiple residences and plan to sell one? You could benefit from the home sale tax exclusion. In this video, we’ll explain the rules for qualifying, how the exclusion works, and tips to maximize your savings. Discover how to make the most of this tax break and reduce your tax liability.
Visit our website: www.rehcpas.com
Ray Halstead and Andrew McMillan are managing partners at REH CPAs in Mooresville, NC. They focus on helping small business owners with their bookkeeping, accounting, taxes, and ultimately allowing them to stay out of their books and in their business.
If you want to speak with someone about your small business taxes, give REH CPAs a call at (704) 662-8249.
Переглядів: 20

Відео

Getting Tax Credit For Your Kid's Summer Camps
Переглядів 6516 годин тому
Did you know that you might be eligible for tax credits for your kid's summer camp expenses? In this video, we’ll explore how the Child and Dependent Care Credit works, what qualifies as eligible expenses, and how to claim it on your taxes. Learn how to save money while giving your kids a fun and enriching summer experience. Visit our website: www.rehcpas.com Ray Halstead and Andrew McMillan ar...
Tax Deductions For Replacing The Roof On Rental Properties
Переглядів 5714 днів тому
Replacing the roof on your rental property can be a significant expense, but did you know it can also lead to tax deductions? In this video, we’ll explain how to take advantage of these deductions, what qualifies, and the best strategies to maximize your tax benefits. Stay informed and make the most out of your rental property investments. Visit our website: www.rehcpas.com Ray Halstead and And...
Filing Taxes As A College Student
Переглядів 4321 день тому
Filing taxes as a college student can be confusing, but we’re here to make it simple. In this video, we’ll walk you through everything you need to know, from understanding your dependency status to claiming educational credits and deductions. Learn how to maximize your refund and avoid common mistakes. Visit our website: www.rehcpas.com Ray Halstead and Andrew McMillan are managing partners at ...
How Filing Taxes Changes After Getting Married
Переглядів 7528 днів тому
Getting married brings many changes, and one of them is how you file your taxes. In this video, we’ll break down the key differences in tax filing status, deductions, and credits that come with marriage. Whether you're newlyweds or planning ahead, this guide will help you understand how to maximize your tax benefits and avoid common pitfalls. Visit our website: www.rehcpas.com Ray Halstead and ...
How Are Bonuses Taxed?
Переглядів 33Місяць тому
In this video, "How Are Bonuses Taxed?", we explain the taxation process for bonuses, ensuring you understand how much of your extra income you'll actually take home. Learn about the different methods employers use to withhold taxes on bonuses, such as the percentage method and the aggregate method, and discover strategies to potentially reduce your tax liability. Whether you're anticipating a ...
Who Can Claim Kids On Taxes?
Переглядів 19Місяць тому
What happens if you are divorced or separated and both spouses want to claim a child as a dependent? Who gets to claim them and how does that work? Visit our website: www.rehcpas.com Ray Halstead and Andrew McMillan are managing partners at REH CPAs in Mooresville, NC. They focus on helping small business owners with their bookkeeping, accounting, taxes, and ultimately allowing them to stay out...
Are My Social Security Benefits Taxable?
Переглядів 394Місяць тому
In this video, "Are My Social Security Benefits Taxable?", we break down the complexities surrounding the taxation of social security benefits. Discover how your income level and filing status impact whether your benefits are taxed, and learn the thresholds and formulas used by the IRS. We'll guide you through practical examples and provide tips on how to potentially minimize your tax liability...
Spousal IRA Contribution For Non-Working Spouse | Retirement Planning
Переглядів 79Місяць тому
In this video, "Spousal IRA Contribution For Non-Working Spouse | Retirement Planning," we delve into the essentials of how a non-working spouse can still contribute to an IRA, ensuring their financial future is secure. Learn the benefits, eligibility requirements, and strategic planning tips to maximize your retirement savings as a couple. Whether you're new to retirement planning or looking t...
Is there a tax deduction for donating my timeshare?
Переглядів 582 місяці тому
In this insightful video, we explore the intriguing question many timeshare owners find themselves asking: "Is there a tax deduction for donating my timeshare?" With an in-depth analysis and expert commentary, we provide a comprehensive breakdown of the tax implications, potential benefits, and considerations any timeshare owner should be aware of before making the decision to donate. We unders...
Tax Implications From Loaning My Family Money
Переглядів 1322 місяці тому
In this detailed video, we explore the complexities and tax implications of loaning money to family members. Understanding the potential financial and legal consequences is crucial for anyone considering this generous act. We break down key concepts, including interest rates, gift tax considerations, and how such loans could affect both the lender and the borrower. Navigating family loans requi...
Why Start an LLC?
Переглядів 822 місяці тому
Are you considering starting a business and curious about the best structure for tax advantages? Look no further! In this video, we'll take a deep dive into why forming an LLC (Limited Liability Company) might be incredibly beneficial for you. From increased flexibility to potential savings on your tax bill, understanding how an LLC operates is crucial for any entrepreneur looking to maximize t...
Adoption Tax Credit Explained
Переглядів 932 місяці тому
Welcome to our latest video, "Adoption Tax Credit Explained." Our channel is devoted to clarifying complex accounting topics for everyone, whether you're navigating the process of adopting a child or simply interested in understanding the various aspects of personal finance. Today, we are focusing on a subject close to the hearts of many families - the tax credits available for adopting a child...
What is the Statute of Limitations for an IRS Audit
Переглядів 8493 місяці тому
Understanding the constraints and legal time frames involved with an IRS audit is crucial for any taxpayer. Our latest video, "What is the Statute of Limitations for an IRS Audit?" presents a thorough exploration of these critical parameters. We discuss not only the standard review period for different tax situations but also the circumstances under which the statute may be extended. Stay infor...
Writing Off Your Mileage
Переглядів 683 місяці тому
Welcome to an insightful exploration of how writing off your mileage can influence your vehicle's depreciation, particularly when you're contemplating trading it in or selling it. This video is tailored for individuals seeking to understand the nuances of vehicle depreciation in relation to tax deductions for mileage. We meticulously guide you through the process of documenting your mileage for...
Turning My House Into A Hotel For Taxes
Переглядів 853 місяці тому
Turning My House Into A Hotel For Taxes
Understanding Cancellation of Debt Income
Переглядів 743 місяці тому
Understanding Cancellation of Debt Income
Don't Get This MASSIVE Tax Penalty...
Переглядів 714 місяці тому
Don't Get This MASSIVE Tax Penalty...
Online Sports Betting Taxes - Don't Make This Mistake...
Переглядів 2924 місяці тому
Online Sports Betting Taxes - Don't Make This Mistake...
E-File Vs. File By Mail
Переглядів 1084 місяці тому
E-File Vs. File By Mail
Don't Miss Out On This Tax Saving Benefit
Переглядів 904 місяці тому
Don't Miss Out On This Tax Saving Benefit
Social Security Benefits
Переглядів 1255 місяців тому
Social Security Benefits
ITIN Numbers
Переглядів 525 місяців тому
ITIN Numbers
Healthcare Sharing Ministries
Переглядів 695 місяців тому
Healthcare Sharing Ministries
Am I a Professional Gambler?
Переглядів 1665 місяців тому
Am I a Professional Gambler?
Taxpayer Advocate Service
Переглядів 1966 місяців тому
Taxpayer Advocate Service
Cost Segregation Studies
Переглядів 1416 місяців тому
Cost Segregation Studies
Fringe Benefits
Переглядів 636 місяців тому
Fringe Benefits
How to Make Your Company More Profitable
Переглядів 826 місяців тому
How to Make Your Company More Profitable
Tax Benefits for Parents
Переглядів 1207 місяців тому
Tax Benefits for Parents

КОМЕНТАРІ

  • @AlvaBarr
    @AlvaBarr День тому

    You will have to be patient though. All though you are requesting assistance via the 911 Form, for perhaps financial hardship, it still takes about a month or so for a case worker to be assigned with your case number, and an additional month for the advocate to reach out to you, and then whatever time it is necessary to resolve the tax matter. Do not expect a resolution any time soon. It will take about 3 month if your lucky. so have lots of patience but it will be resolved, eventually. The IRS seems to create a lot of unnecessary issues for the taxpayers and Advocates so they are always very busy.

  • @isabelamaral5892
    @isabelamaral5892 18 днів тому

    Can my mom claim my dads tax return ? He passed in 2021 😢

  • @rositawheeler8349
    @rositawheeler8349 24 дні тому

    How can i get the money for my deceased son that i foled in IRS

  • @Charlotte_Photographer
    @Charlotte_Photographer 27 днів тому

    And don't forget to address what it's going to mean/cost if you are single and getting your health insurance through the ACA Marketplace and then you get married and become eligible for your spouse's health plan.

  • @jammijam_
    @jammijam_ Місяць тому

    Thank you.

  • @youngsupermann
    @youngsupermann 2 місяці тому

    No audio...

  • @jayf4823
    @jayf4823 2 місяці тому

    Great video! My Dad died on 4/15/2024 (obviously choosing the easier path). Mom remains alive and well, and I am preparing their 2023 tax returns a bit late. No extension request was filed, but I'm pretty certain they will not owe any money. Since Dad was still living through all of 2023, can I assume that your instructions in this video do not apply to me at this point, but will apply to me when I prepare their 2024 returns? Is there any other information that I should be aware of for their 2023 tax returns?

  • @user-ht2jv1kw5k
    @user-ht2jv1kw5k 2 місяці тому

    such a quick, to the point video. thank you.

  • @karlk9162
    @karlk9162 2 місяці тому

    Super simple on self rental. Is use your primary residence. Never self rent in a secondary property

  • @KaluIroha-jp9mq
    @KaluIroha-jp9mq 2 місяці тому

    Can you also right off interest on a car loan will using mileage reimbursement.

  • @ricardosolorzano1485
    @ricardosolorzano1485 2 місяці тому

    Asset sale? Don't most companies sell for a multiple of their SDE / EBITDA? You would think the most valuable asset is the creation of value ($$)?

  • @wandiehazan
    @wandiehazan 3 місяці тому

    Thanks!!! 3-6 years for under reporting income. Indefinite if fraud is expected 👍🏾

  • @decideswell6699
    @decideswell6699 3 місяці тому

    What about a vehicle?

  • @Jlab990
    @Jlab990 3 місяці тому

    Do i need to file an 83(b) if I purchase ISO's for a private company that has minimal cost? (i.e. .05 per 1,000 shares)

  • @hots4jc
    @hots4jc 3 місяці тому

    Wow I didn’t know the IRS was such “grave diggers”.

  • @ElizabethPhillips-ix9rv
    @ElizabethPhillips-ix9rv 3 місяці тому

    What if you were privately employed by someone who just recently passed away? How do I file?

  • @dharmayogaashram979
    @dharmayogaashram979 3 місяці тому

    Do religious org have to file?

  • @yulanluo7328
    @yulanluo7328 4 місяці тому

    Thanks for sharing. I have a quick question on the depreciation recapture tax of the deduction of property improvement and appliances: is that true even if we can deduct the whole cost within one year, we still have to pay the depreciation recapture tax when we sale the property? For example, I purchase a new water heater for my rental at $2000, regular depreciation is 5 years, if we do the safe harbor election, we can deduct $2000 this year. After many years I want to sale my property, I still have to pay the recapture tax for the $2000? Thanks in advance.

  • @imladiirosereactions
    @imladiirosereactions 4 місяці тому

    thx for the info

  • @gschitz
    @gschitz 4 місяці тому

    ⥊ REH CPA: A NEW METHOD. 0: Good 00: Peace 000: Truth 001: Uniqueness 002: Individual Altruism 003: Sensivity 004: Audacity 005: Boldness 006: Astuteness 007: Ingenuity 008: Innocence 009: Truth Seeking 01: Unity Willpower 02: Purpose Progress 03: Ideal Acuity 04: Love 05: Bravery 06: Congruence 07: Consonance 08: Honesty 09: Cleverness 1: Ethics 2: Solutionism 3: Definition 4: Idea 5: Expression 6: Why / Who / When / How / Where / What 7: Information / Code 8: Stability 9: Sanity 10: Network 11: Just 12: Time-Attention: Live 13: Subject / Death / Affront 14: Cognition 15: Agent 16: Reason 17: Discourse 18: State 19: Control 20: Judgement 21: Ethical Solution 22: Scupulous 23: Delimitation 24: Humor 25: Behavior / Christmas 26: Motivation 27: Comprehension 28: Respect / Independency 29: Regulation / Diagnosis 30: Liberty 31: Permission 32: Discernment 33: Responsability 34: Support 35: Means Invention Mechanism 36: Purpose 37: Opinion 38: Decision 39: Prospect 40: Love Force 41: Awareness 42: Critical Thinking 43: Perception 44: Conceive 45: Plan 46: Ability 47: Knowledge 48: Character 49: Ambition 50: Good Expression 51: Manifestation 52: Resolution 53: Application 54: Empowerment 55: Movement 56: Demonstration 57: Assignment Mission 58: Building 59: Proficiency 60: Accordance 61: Appropriated 62: Implication 63: Indicator 64: Cohesion 65: Function 66: Investigation 67: Argumentation 68: Sophistication 69: Scrutiny 70: Intelligence 71: Message 72: Consistency 73: Election 74: Coherence 75: Consolidation 76: Explanation 77: Flow 78: Constancy 79: Measurement 80: Peace 81: Sovereignty 82: Perseverance 83: Reliability 84: Autonomy Instrospection 85: Rectitude Implementation 86: Pursuit 87: Persuasion 88: Structure Benign 89: Commitment 90: Kindness 91: Assertiveness 92: Optimism 93: Scrupulousness 94: Compassion 95: Composure Essence Fiscalization 96: Blockchain: ⥊ (TRACE MARKER) Legacy 97: Anarchy 98: Veganism 99: Revolution 100: Liberation 101: Wallet / Decency 102: Money-Making / Progressive 103: Promotion / Resilience 104: Integrity 105: Collaboration 106: Abolitionism 107: Concordance 108: 2000: Clarity 109: Regulation 110: Ethical Commitment 111: Honor 112: Exploration 113: Privacy 114: Will 115: Pride 116: Justifiable 117: Equitable 118: Fair State 119: Mission 120: Easter 121: Deliverance 122: Fighting / Resistance 123: Cogitation 124: Challenge 125: Appropriated 126: Searching 127: Emphasis / Harvesting 128: Consistent 129: Subversion 130: Fulfillment 131: Admission 132: Criteria 133: Response 134: Provide 135: Technique 136: Principle 137: To Set 138: Choice 139: Prevision 140: Serenity / Accuity 141: Perspective / Conscience 142: Concern 143: Consideration 144: Free Love 145: Idealize 146: Capacity 147: Mindfulness 148: Schema 149: / Morality 150: Righteousness 151: Virtue 152: Coordination / Colaboration 153: Efficiency 154: Equip 155: Cooperation 156: Profiling 157: Counter-Terrorism 158: Ingenuity / Rising 159: Excellence 160: Reasonable 161: Procedure 162: Corroboration 163: Hint 164: Value 165: Role 166: Lead 167: Logical 168: Improvement 169: Assess 170: Sympathy 171: Relevancy 172: Dichotomy 173: Naming 174: Elucidation 175: Materialization 176: Validity 177: Harmony 178: Fluency 179: Verification 180: Perpetuity 181: Independency 182: Perseverance Dependability 183: Structure 184: Potential 185: Stance 186: Occupation 187: Compelling 188: Conviction 189: Boldness 190: Power 191: Wisdom 192: Effectiveness 193: Prudence 194: Foresight 195: Discipline 196: Lib Chain / Trackable 197: Accountable 198: Compeling Sustainable 199: Quest 200: Solutionism 201: Compatibility 202: Reference 203: Adjudicate 204: Conformity 205: Coexistence 206: Methodical 207: Correspondence 208: Eccentricity 209: Expertise 210: Solution 211: Resolution 212: Prosecution 213: Adjustment 214: Transformation 215: Conversion 216: Escalation 217: Correction 218: Persistence 219: Analytical 220: Secure / Contemplation / Meditation 221: Preparedness 222: Dialectical 223: Meticulous 224: Diligence 225: Attitude 226: Rigorous 227: Dispute 228: Position Healtiness 229: Prescription 230: Allowance 231: Agreement 232: Definition 233: Bounderies / Jurisdiction 234: Availability 235: Proposition 236: Objective 237: Reckoning 238: Settlement Warrant 239: Assurance 240: Mindset 242: Mental State 242: Consideration 243: Reevaluating / Rumination 244: Impression 245: Identifying 246: Sagacity 247: Easygoing 248: Disposition 249: Promptitude 250: To Thrive 253: Conduct 254: Potent 255: Insurgency 257: Defiant 260: Unveiled Exposed 261: Freedom Fighting 262: Correlation 263: Relevance 265: Conjecture 266: Suggestion 269: Estimate 272: Paradox 273: Choice 274: Dispute 280: Constancy 282: Evanescence 288: Healtiness 289: Conduct 290: Prognosis 294: Anticipation 295: Proof of Stake 296: Calculation 297: Proof of Work 298: Commitment 300: Crusade / Jihad 304: Concept Attention 309: Consensus 310: Conviction 311: Permission 312: Ask / Distribute 313: Enforcement 314: Bodily Autonomy 320: Deliberation 322: Opportunity 323: 327: Suspicion 330: Adherence 331: Self-Determination Demanding 333: Abundance 334: Accountaility 335: Technician 336: Dedication 338: Permanent 339: Maturity 340: Promote 341: Confirm 342: Validate 343: Imagination 344: Qualification 345: Ratify 346: Organization 347: Propagate 348: Finance 349: Encourage 350: Operation Materials 351: Engagement 352: Endeavor 353: Undertaking 354: Remarkable 355: Designation 356: Exposing 357: Proactive 358: Forge 359: Accomplish 360: Technology 363: Compatiility 367: Addressing 372: Ambiguity / Conflict 373: Retort 370: Standpoint 372: Conflict 377: Context 388: Orientation 390: Prognostic / Prosperity 394: Prediction 398: Sustainability 399: Overthrow 400: Earth Population 402: Diversity 410: Permaculture 411: Mathematical 413: Realizing 421: Metamorphose 422: Transcend 427: Skepticism 430: Abstraction 434: Care 435: Possibility 436: Inspiration 440: Insight 441: Abstraction 442: Contemplation 443: Brainstorm 444: Formulation 445: Elaboration 446: Capability 447: Know-How 448: Apparatus 449: Theory 453: Design 454: Escalation 455: To Arrange 457: Rapport 460: Aptitude 461: Rigorous 462: Affect 463: Skill 464: Competence 465: Performance 466: Conjecture 467: Intelligible 468: Enrichment 469: Expertise 470: Wisdom 471: Accessible 472: Distinguishment 473: Priorities 474: Perspective 475: Constatation 476: Punctilious 477: Attentiveness 478: Amusing 479: Insurance 480: Security 481: Inclusive 482: Durable 483: Trustworty 484: Individuality 485: Convenience 486: Satisfaction 487: Benefit 488: Friendly 489: Praticality 495: Marvelous 496: Sensational 499: Envision

    • @gschitz
      @gschitz 4 місяці тому

      500: Assumption 501: Leadership 502: Credit 505: Viable 503: Esteem 509: Prestige 510: Admiration 511: Heroism 512: Pugnacity 513: Description 518: Steady 520: Proficiency 525: Habit 530: Implementation 531: Solicitation 532: Regard 533: Contract 534: Requirement 535: Execution 536: Utilization 537: Utterance 538: Respect 539: Esteeem 540: Appreciation 541: Sensatize 542: Instigate 543: Sentiment 544: Sharp 545: Assembly 546: Potency 547: Education 548: Solidity 549: Evolve 550: Fellowship 551: Insurrection 552: Schedule 553: Reportation 554: Convocation 555: Party 556: Campaign Instruments 557: Coordination 558: Systematize 559: Seize 560: Protesting 561: Explicit 562: Reciprocity 566: Intimation 570: Counter-Terrorism 571: Cracking 572: Decipher 573: Affinity 574: Interpretation 575: Blitzkrieg 576: Codification 577: Spreading 578: Decoder 590: Excellency 595: Heroic 596: Confluence 599: Eagerness

    • @gschitz
      @gschitz 4 місяці тому

      600: Plan 611: Consequence 612: Researching 613: Suitable 620: Diagnose 629: Symptom 633: Incumbency 634: Inspiration 636: Cause Goal 643: Reflection 644: Theory 646: Brililiance 647: Logical 648: Content 653: Appliance 655: Mobilize 654: Overcoming 660: Operation 661: Operator 662: Nexus 663: Evidence 665: Role 666: Questioning 672: Discussion 673: Instructions 676: Deduction 694: Systematic 696: Sublime 700: Lucidity / The Gear / Artificial Intelligence 702: Credit 704: Data 710: Coherence 711: Rational 712: Intimation 713: Precision 714: Acquaintance 715: Presentation 716: Manifesto 717: Pronouncement 718: Proclaiming 719: Revelation 720: 721: Point 722: Interpretation 723: Reparation Ambivalence 724: Sense 725: Direction 727: Compensation 729: Disclosure 730: Importance 731: Interaction Consent (Y/N) 732: Contrast 733: Designation Nomination 734: Endorsment 735: Product 736: Importance 740: Statistics 743: Understanding 744: Grasp 746: Thoroughness 747: Articulation 748: Conceptualization 749: Enchantment 750: Consolidation 751: Communication 753: Instrument 754: Conquering 755: Coalition Coordination 756: Inspire Instruction /Method 757: Prompt 759: Delight 760: Instructive 756: Instruction / Method 766: Causality 770: Appreciation / Gratitude 771: Algorithm Statement 772: File 773: Algorithm Recognizing 774: Code 775: Information Output 776: Correlation 777: Pattern / Construct 778: Development 779: Enumeration 780: Systematization 795: 799: Revolution Algorithm 800: Providence / Supremacy 801: Production 802: Necessities 803: Resorces 804: Energy 808: Renewable Cycle 810: Permaculture / Benign 811: Fair Law / Constitution 819: Lament 820: Predominance / Management 829: Ephemeral 830: Logistics 831: Inquiring / Scheme 832: Reach 833: Entrusted 834: Dependability 835: Stock 836: Gravity 840: Consumption 843: Zeal 844: Creativeness 846: Independent 847: Autodidact 848: Integration 850: Labor 853: Usage 854: Disciplinated 855: Devotion 858: Accessibility 860: Human Resources 861: Adequated 862: Shape 863: Assignments 866: Estimation 870: Structure 873: Congruity 880: Peace 888: Globalization 899: 900: Transparency 910: Panacea 911: Emergency Call 919: Enclosuse 930: Enlightenment 931: Only One Global Currency 934: 935: Resources 936: Legitimacy 939: 940: Empathy 943: 944: Wishing Well 946: Compassionate 947: Philanthropy 948: Unification 953: 954: Intrinsic 955: Fidelity 960: Synthesis / Blockchain Integration 961: Remarkale 962: Guide / Formidale 963: Monolith 966: Proof 970: Examination / Gallant 971: Vocabulary 973: Pertinence 975: Inspection 979: Impressive 980: Splendid 990: Optimization 991: Imperative 995: Accountancy 996: Revolution Chain 998: Regulation 999: Zenith Vortex Epic 1000: Militancy 1001: Nova Era 1010: Peer-2-Peer 1011: Decentralized Network 1012: Distributed Ledger 1030: Financial Revolution 1031: Resources Availability 1040: Production Revolution 1042: Drug Liberation 1049: Implementation 1050: Labour Reorganization 1100: Liberation Army 1133: Abolitionism 1160: Pacifism 1312: Boycott 1317: Identifiable Source 1400: Unity 1444: Direct Digital Democracy 1500: Benevolence 1550: Charity 1807: Black & Yellow 2000: Clarification 3000: Freedom 3001: Foundation 3030: Win-Win 3100: Triumph 3311: To Revolt 3330: We All Can Live In Abundance 3712: Problem In Your Opinion 4000: Coexist 4411: Riders of Justice 5000: Glory 5500: Greatness 6500: Quantum Mechanics 6999: Mystery 7220: Unified Field Theory 7755: Revolution Gear 8000: Sustainability 8999: Finitude 9997: Discovery 9998: Unknown 9999: Universe 10000: Existence 20000: Clarity . This is a Numeric Matrix for Communications Purposes. . This Can Be Used to Convey Meaning. Ex.: 2032: To Judge Discern. . Mathematical Operators Can Be Used to Calculate Meaning. Ex.: To Judge the Expression: 25 20 + 5 = 25 (Behavior) . Logical Operators to Create statements. Ex.: ¬11: 13. If not Just then Death. . Colors can also be used as information. - You can help build it.

  • @nextari
    @nextari 4 місяці тому

    Is the passive income included in the $200k limit? For example, If you had zero income other than cap gains $250k would you pay the 3.8%?

  • @MyFortressConstruction
    @MyFortressConstruction 5 місяців тому

    So what about buying a portable storage building for $3000. That is above the $2500 limit so it would have to be depreciated, correct? If it was $2500 or less, would it qualify? It's not a computer or furniture, but it would be used to store equipment for work.

  • @rae08
    @rae08 5 місяців тому

    What happens if the the deceased was a senior and didn't pay taxes? What forms should you use?

    • @julielemoine3954
      @julielemoine3954 3 місяці тому

      Did they receive Social Security, PERS or something like that? Regardless, I believe you want/need to file so the IRS knows the person is deceased and no one else can file using their SSN

    • @rae08
      @rae08 2 місяці тому

      ​@@julielemoine3954Yes they received SS and army checks. File a 1040 form?

  • @MikeJBlues
    @MikeJBlues 5 місяців тому

    What if your not a business owner but an employee whom they pay I cash?

  • @PapaJoFixIt
    @PapaJoFixIt 5 місяців тому

    What if your adult child passes away? That is due to a refund for 2023

  • @jackierinker2582
    @jackierinker2582 5 місяців тому

    As you predicted, our accountant made us aware of this. However, we have no idea where to go to file this for our Airbnb which is an LLC. Any guidance on that?

  • @toroblanco5070
    @toroblanco5070 5 місяців тому

    This video is not about how to sell business. It's about how you pay taxes on sale of business. Wrong title

  • @Foltynsplay
    @Foltynsplay 5 місяців тому

    What other forms for the refund? I have a death certificate but no probate letter

    • @julielemoine3954
      @julielemoine3954 3 місяці тому

      I’m not positive but you may need to apply for an EIN

  • @booties420
    @booties420 6 місяців тому

    How about reporting tip income from working as a server at a restaurant? Thank You! I can also just ask turbo tax and I’ll be sure and data all of my income from tips too! Oh… that’s exactly what I’m supposed to do xD

  • @qqbqeilltqagoffq7070
    @qqbqeilltqagoffq7070 6 місяців тому

    I have a few questions about starting a new company my base is in Illinois but I work both in Illinois and in Missouri my questions are about what do I do in order to make purchases in my companies name

  • @gangsta8929
    @gangsta8929 7 місяців тому

    Customer lists are an identified intangible asset. It should not be part of goodwill. Goodwill is the amount of the purchase price paid over and above the value of the fixed assets and identified intangible assets.

  • @gabriellaluzpm
    @gabriellaluzpm 7 місяців тому

    Could you specify even more about these events? Does my business have to be profitable? Thank you

  • @gabriellaluzpm
    @gabriellaluzpm 7 місяців тому

    Subscribing to the channel. Amazing explanation.

  • @mikehamm648
    @mikehamm648 7 місяців тому

    I’m selling my business in Florida, which is a S corp. what tax advantages are there for me to avoid paying tons of taxes?

  • @romand123
    @romand123 7 місяців тому

    Thanks for breaking this down! Question: does a business owner have to itemize those safe harbor deductions on that statement that you mention? I'm a carpenter and have a handful of tools I purchased this year that are over $300 so I'm hoping to use this strategy to depreciate them in full for 2023.

  • @acidrock202
    @acidrock202 7 місяців тому

    I've tried to ask the hotel I worked to check my paycheck and also about a tip report. The amount of cash declared tip is wrong and the set month says 0$. The total cash tip is wrong I think this will mess up my taxes??

  • @MrArtVein
    @MrArtVein 7 місяців тому

    How is a name good will. Pretty sure it's IP

  • @ayanezhn12
    @ayanezhn12 7 місяців тому

    My questions is, how do I put my business for sale?, do I need a realtor.?

    • @gangsta8929
      @gangsta8929 7 місяців тому

      The best way to sell your business is to sell it to someone that reached out to you offering to buy it. Has anyone offered to buy your business in the past? I’d start by reaching out to those people. If that doesn’t work, next step is to try and find a buyer yourself. Is there a competitor that would gain by buying you out? Is the a vendor that wants to join the industry? Do you know a guy that has said he wanted to get into the business you’re in, but just doesn’t know where to start? I’d reach out to these people and see if they are interested. If that doesn’t work, now you need to find a broker. Before I get into this, I think this is a moment to reflect. Why weren’t you able to find a buyer? Maybe you’re in a super niche business with a very small buyer pool. That’s fair. But maybe it’s because your business isn’t desirable. If you make it to needing a broker, You may find that if you take a year or two to fix up the business you will make a significant amount more on the sale, and will have an easier time finding a buyer. Now onto brokers. Whom you talk to is going to depend on how large your business is. There are no hard and fast rules here, but the higher up the chain you go, the higher the level of service and the higher the fees. You want to find the appropriate person to list your business. Too small they won’t have the buyers for you. Too large and you’ll overpay in fees. The cheapest option is to use a realtor. You may be able to get a realtor with no experience selling businesses to list your business for 3%-5%. That’s cheap, but they have no experience and no Rolodex of buyers. You’ll be listed on buy sell sites and dealing with every Tom dick and Harry with an internet connection. Next level is a smb broker. There are some franchise chains of business brokers you can look up to find these. These guys have experience (usually) selling businesses and a Rolodex of buyers (again, usually). These guys are better, but cost more. Usually 10% of the sales price. Some charge a retainer and a monthly fee in addition to the 10%. If you’re business is too big for a broker, then you need an investment banker. Now you are at a level where you can expect a consistent level of professionalism/training. These guys have experience (not just usually) and a Rolodex of buyers that include large financial buyers such as PE firms. They can model your business and create pro forma financial statements to show your business in the best light. But you pay for this level of skill. Fee range widely at this level (Goldman Sachs charges significantly more than Jones LLP), but you’re going to be paying at minimum the 10% the broker was charging, and hourly fees for the professional services that they are performing.

    • @ColemanTannerRealty
      @ColemanTannerRealty Місяць тому

      Yes, particularly one who specializes in business opportunity brokerage.

  • @Thriving-uv2ce
    @Thriving-uv2ce 8 місяців тому

    How might one project in advance whether they would qualify for the full subsidy? Tax form 8962 seems to be the key...but is there a simple way to determine if I'd be paying back some of the subsidy?

  • @StrataSFR
    @StrataSFR 8 місяців тому

    I really like these videos. I never knew the mechanics of how this works. The rules are confusing, so I thank god that I have REHCPA who understands it and looks after this for me:)

  • @stevehartle3664
    @stevehartle3664 9 місяців тому

    Great video! Exactly the start I needed for my research.

  • @DrewSiebert
    @DrewSiebert 9 місяців тому

    Very good. Thanks for providing positive contributions that can really help people.

  • @Charlotte_Photographer
    @Charlotte_Photographer 9 місяців тому

    Also need to discuss Qualifying Life Events like marriage.

  • @razweissman8649
    @razweissman8649 10 місяців тому

    i got cash for 4 months how do i pay taxes

  • @mcvgunner
    @mcvgunner 10 місяців тому

    if we have a property manager, can we still advantage of the STR loophole

    • @ERIC-lw2yl
      @ERIC-lw2yl 10 місяців тому

      Did you ever find the answer yet? I was wondering the same thing ..

    • @mcvgunner
      @mcvgunner 10 місяців тому

      @@ERIC-lw2yl from my research, there’s too much risk to do it. not worth an audit.

    • @tax-modern
      @tax-modern 7 місяців тому

      It's not impossible, but it is more difficult. You (and your spouse) have to personally put in the hours to reach one of the material participation requirements, which most likely would be 500 hours in that case. But if somehow you still put in 500 hours of your own time into it, then yes.

    • @wholesalegift
      @wholesalegift 3 місяці тому

      What type of activities are considered safe to be used? Would market analysis, doing marketing count?

  • @nvvp1972
    @nvvp1972 10 місяців тому

    Does this strategy apply to people who buy a house to live in with their family and at the same time have a home office?

    • @karlk9162
      @karlk9162 2 місяці тому

      No. As long as it's your primary residence. That's the loop hole

  • @md.rahamatullah5195
    @md.rahamatullah5195 11 місяців тому

    This Video Content is very Nice. Thanks for Video.

  • @lazygizmo
    @lazygizmo 11 місяців тому

    I'm confused. SO what is the 5k start up cost mean when starting a business to the IRS? If i spent $4,500 on starting an online service, setting up a office space and technology, What does that mean when taxes comes around. I don't pay taxes on the initial 5k? What exactly is it wring off?

  • @normano4484
    @normano4484 11 місяців тому

    😴 P R O M O S M

  • @prettyparadoxicalwoman8285
    @prettyparadoxicalwoman8285 11 місяців тому

    What about a tattoo shop.

    • @Deals-and-Exits
      @Deals-and-Exits 10 місяців тому

      Love the content you post! Valuable information for all business owners. I work with owners looking to scale and exit their businesses - they can all benefit from this info.