Archives for May 2024

 This past weekend, Ed Dwight — age 90, became the oldest person to travel to space. Six decades ago, he was on a trajectory to become the first Black astronaut in space, but ultimately was passed over. The space excursion certainly cements the old adage “It’s never too late to pursue your dream.” Dwight’s once-in-a-lifetime experience has birthed new dreams — he wants to orbit the whole earth now. But Dwight’s… Read More

As enticing as the tax benefits and wealth creation opportunities may seem with short-term rentals, it’s crucial to approach the short-term rental loophole with caution and a well-thought-out strategy because the short-term rental market is not without its challenges. Consider the following: Average Stays: If the duration of guest stays is under 7 days, you DO NOT need Real Estate Professional Tax Status to treat losses as nonpassive. Material Participation:… Read More

Seven-figure business owners probably worry about overpaying taxes, but it’s possible to master your tax fate with strategic planning and understanding nuanced tax strategies. While big profits equal big taxes, Mark Perlberg, an Atlanta based CPA and Tax Strategist, shares some tips on how to unravel tax codes and optimize techniques that are essential for those earning seven figures or more. 1. Pass-through Entity Tax Elections: Utilizing pass-through entity structures… Read More

Did you know the Financial Crimes Enforcement Network (FinCEN) has a YouTube page? Guess everyone’s got one these days, huh? I bring this up because, on Tuesday, April 30th, they are hosting a little information-giving session on their channel about Beneficial Ownership Income reporting. I’ve mentioned BOI reporting previously as it’s something all corps and LLCs will need to make sure they are complying with by the end of the year. … Read More

Estate planning, often overlooked, is crucial to softening hefty tax impacts. The possible taxation of up to 40% of one’s assets necessitates protective measures such as using LLCs and trusts. It’s never too early to start estate planning … even if it’s just a will. The best ways to safeguard personal assets while navigating the complexities of tax planning for High-Net-Worth Individuals include: ⦁ The Proper Use of LLCs and… Read More