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
A tax strategist and CPA shares some tips
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
Moving Your Atlanta Business Toward Positive Cash Flow
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 for High Net Worth, Real Estate Investors & Entrepreneurs
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
Five Reasons to Take Scenario Planning Seriously in Your Atlanta Small Business
Happy Earth Day. The day we celebrate this little blue marble we all enjoy living on. I found this fascinating as I was reading about it this morning — there are so many elements that make up the scenario of a thriving Planet Earth. Less threats because we’re in the sticks of the Milky Way. The sun is stable and allows us to enjoy a lot of liquid H2O. Earth’s… Read More
CFPB Small Business Loan Requirements & Your Atlanta Biz
Ever thought about taking a “mini sabbatical”? As in, longer than a week vacation and focused specifically on total rest? Here’s why I ask… Tax Day has come and gone, and, after a four-month sprint of paperwork marathons and client demands, my tax pro friends are prioritizing downtime. A lot of them take extended periods off this time of year to mentally break away from the stress their busiest season… Read More