Helicopter View of 2023 Meals and Entertainment

Written by Coach Janelle CPA on March 22, 2023

As you may already know, there have been some major changes to the business meal deduction for 2023 and beyond. The deduction for business meals has been reduced to 50 percent, a significant change from the previous 100 percent deduction for business meals in and from restaurants, which was applicable only for the years 2021 and 2022.

To help you better understand the current situation, see the table below:

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Holding Real Property in a Corporation: Good or Bad Idea?

Written by Coach Janelle CPA on March 18, 2023

As the real estate market has cooled off in many parts of the country, investing in property may seem wise in the long run. But taxes can be a significant concern. Owning real estate in a C corporation may not be wise when considering taxes because it puts you at risk of being double-taxed. This means that if you sell the property and make a profit, the gain may be

Plan Your Passive Activity Losses for Tax-Deduction Relevance

Written by Coach Janelle CPA on March 8, 2023

In 1986, lawmakers drove a stake through the heart of your rental property tax deductions.

That stake, called the passive-loss rules, causes myriad complications that now, 37 years later, are still commonly misunderstood...

SECURE 2.0 Act Creates New Tax Strategies for RMDs

As you are likely aware, if you have an IRA or other tax-deferred retirement account, you must start taking required minimum distributions (RMDs) once you reach a certain age. The SECURE 2.0 Act raises the age at which RMDs must first be taken, from age 72 to age 75, over the next 10 years. Specifically, the RMD age will be 73 for those born between 1951...

2023 Health Insurance for S Corporation Owners: An Update

Written by Coach Janelle CPA on February 22, 2023

Here’s an update on the latest developments in 2023 health insurance for S corporation owners. As a more-than-2-percent S corporation owner, you are entitled to some good news when it comes to your health insurance. To ensure that your health insurance deductions are in order, and to avoid the $100-a-day penalties for violating the ru...

How to Section 1031 Exchange into a Delaware Statutory Trust

Written by Coach Janelle CPA on February 10, 2023

As you likely know, the Section 1031 tax-deferred like-kind exchange is one of the greatest wealth-building mechanisms for real estate investors. With Section 1031, you can avoid taxes on all your property upgrades during your lifetime and then pass the property to your heirs when you die. The heirs rece...

Is Airbnb Rental Income Subject to Self-Employment Tax

Written by Coach Janelle CPA on February 3, 2023

Do you owe self-employment tax on Airbnb rental income? That’s a good question.

In Chief Counsel Advice (CCA) 202151005, the IRS opined on this issue. But before we get to what the IRS said, understand that the CCA’s conclusions cannot be cited as precedent or authority by others, such as you or your tax professional...

When Cancellation of Debt (COD) Income Can Be Tax-Free

Written by Coach Janelle CPA on January 26, 2023

Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading into a recession. But lenders are sometimes willing to cancel (forgive) debts that are owed by financially challenged borrowers. While a debt cancellation can help a beleaguered borrower survive, it can also trigger negative tax consequences. Or it can be a tax-free event.

Use In-Kind RMDs to Avoid Selling Retirement Account Assets

Written by Coach Janelle CPA on January 19, 2023

Are you 72 or older? If so, you must take a required minimum distribution (RMD) from your traditional IRA, SEP-IRA, or SIMPLE IRA by the end of the year. If you turn 72 this year, you can wait until April 1 of next year to take your first RMD—but you’ll also have to take your second RMD by the end of that year.

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