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Knowledge Base Sitemap
Posted Wednesday, February 12, 2025
Table Of Contents
HTML Sitemap- Knowledge Base
- Knowledge Base
- 1099 Income as Other Income, No Self-Employment (SE) Taxes
- 1099-NEC Issued to Your SSN
- 185 Business Deductions You Cannot Take
- 185 Reasons NOT to S-Corp, Downsides to S-Corp Election
- 3 out of 5 Test
- 401k Loans and Life Insurance
- 401k Plan Safe Harbor Provision
- 401k Plans and Roth IRA Conversions
- Roth 401k Plans
- 5 Year Rule
- About the Author
- Accountable Plan Expense Reimbursements
- Accountable Plan Requirements
- Accounting Method
- Adding Your Spouse to Payroll
- Additional Accounting Costs
- Additional Payroll Taxes
- Additional S Corp Salary Considerations
- Additional Section 199A Reporting on K-1
- Aggregation of Multiple Businesses
- Allocation and Throwback
- Ancillary Benefits with S Corporations
- Another Employee Ownership Situation
- Another Option, Dormant S Corp
- Are Educational Savings Accounts Worth It
- Are rental activities always passive activities?
- Are there any downsides to claiming the foreign earned income exclusion?
- Are there downsides to the real estate professional designation?
- Are there exceptions to the bona fide residence or physical presence tests?
- Are there specific material participation tests for real estate professionals?
- Are there specific records I need to keep?
- Are There Tax Breaks for Going to College
- Are There Tax Savings When My Employer Pays for My Education
- Are there ways to earmark money for an individual?
- As an ExPat, do I need to file a State tax return?
- As a one-person show, should I still form an LLC? An S-Corp?
- Assembled Workforce or Developed Process Effect
- Audit Rates and Risks with an S-Corp
- Automobile Decision Tree
- Automobiles and LLCs, S Corps
- Automobiles and LLCs, S Corps (superseded)
- Avoiding or Reducing Self-Employment SE Taxes
- Bad Loans to the S Corp
- Basic Business Entities
- Behavioral Control
- Being a Passive Business Owner
- Being Considered a Passive Business Owner
- Book Introduction
- Business Owned Automobile
- Business Tax Return Preparation
- Business Travel Deduction
- Business Valuation Techniques
- Buy-Sell Agreements
- Calculating the Qualified Business Income Deduction
- California Multi-Member LLC S Corp Twist
- Can I call my 1099 other income which avoids employment taxes?
- Can I claim my residence as a rental, sell it for a loss and deduct the loss?
- Can I deduct a bad debt on my tax return?
- Can I deduct country club dues as a business expense?
- Can I deduct internet expenses?
- Can I deduct mortgage interest paid on my foreign home?
- Can I deduct my cell phone charges?
- Can I deduct the cost of sports, games or hobbies while in college?
- Can I deduct the loss on my primary residence?
- Can I deduct the taxes associated with public improvements?
- Can I exclude the gain on my home sale?
- Can I ignore an IRS notice or claim I never received it?
- Can I rent out half a duplex or a room in my house?
- Capital Leases versus Operating Leases
- C Corporation as Mothership
- C Corporations
- C Corp to S Corp Problems
- Chap 10 – Comingling of Money
- Chapter 10 Introduction
- Chapter 11 Introduction
- Chapter 4 Introduction
- Chapter 5 Disclaimer
- Chapter 5 Introduction
- Chapter 9 Introduction
- Charging Orders
- Cohan Rule
- Colorado’s Criteria for Contractor Status
- Comingling of Money
- Constitutional and Legislative Standards
- Consultative Approach
- Controlled Groups
- Core Competencies
- Cost of Increasing Shareholder Salary
- Costs of Operating an S Corp
- Costs of Performance, Market-Based Approach
- Deal Structure
- Debt Service
- Deducting Business Meals
- Deducting Losses, Trapped Cash
- Deductions the IRS Cannot Stand
- Depreciation
- Determining the S-Corp Payroll Amount
- Disclosure and Updates
- Distributed Assets
- Distributing Profits, Multiple Owners
- Distributions in Excess of Basis
- Distributions in Excess of Shareholder Basis
- Does deducting charitable contributions cause an audit?
- Does voting through an absentee ballot mess up my bona fide foreign residency?
- Do I have to pass the same test each year?
- Do I need receipts for my donations?
- Do I need receipts for my expenses?
- Do I need receipts for my rental expenses?
- Do I need to group my rental activities together?
- Do rental properties offer good tax sheltering?
- Economic versus Equity Interests
- Educational Assistance with an S-Corp – Section 127
- Electing S-Corp Filing Status, Retroactive for 2023
- Employee or Independent Contractor
- Employee or Independent Contractor Status
- ESOPs and S Corporations
- Estimated Tax Payments, Withholdings Issues for an S-Corp
- Exit Plans, Business Succession
- Exit Plans, Succession
- Exotic Stuff
- Expatriates or Expat Tax Deferral Planning
- Expectations of Our Clients
- Family Partners
- FBA, Drop Shipments, Trailing Nexus Revisited
- Final Words
- Financial Control
- Fleischer Tax Court Case
- Formation (Election) of an S-Corp
- Formation of an LLC or S Corp
- Four Basics to Warm Up To
- Gaming the HSA System
- Going Concern
- Growing Business, Debt Service
- Having Staff with a Solo 401k Plan
- Health Care Expenses, Premiums, HRAs, HSAs – Section 105
- Health Care Summary
- Health Savings Accounts (HSAs)
- Hobby Versus Business Article
- Hobby Versus Business Testing
- Real Estate Holding Company and Operating Company
- Holding Company versus Management Company
- Home Office Deduction
- How are repairs and improvements different?
- How can I avoid or reduce Self-Employment (SE) taxes?
- How can I pay my taxes or my notice of deficiency?
- How can I prepare for my face to face or interview field audit?
- How does a Federal Disaster affect my casualty loss?
- How does a joint return get handled during an audit?
- How does an LLC or S-Corp’s income affect my taxes?
- How does bankruptcy affect my unpaid taxes?
- How does proper recordkeeping affect my audit results?
- How does the foreign housing exclusion or deduction work?
- How do fluctuating currency values affect my taxes?
- How do I appeal the collections of unpaid taxes?
- How do I convert my LLC to an S-Corp?
- How do I determine the value of my donation?
- How do I handle my foreign rental property?
- How do I qualify for the foreign earned income exclusion?
- How do I record the hours spent as a real estate professional?
- How do moving expenses affect my exclusion?
- How do partial years work with the foreign earned income exclusion?
- How do passive loss limitations affect me?
- How do tax treaties affect my ExPat situation?
- How long do I have to keep records?
- How much is interest and penalty on taxes owed?
- How should I maintain my tax records?
- How should I respond to an IRS notice or letter?
- If I am a self-employed ExPat, what taxes am I responsible for?
- If I don’t have any rental income can I still claim a loss?
- If I don’t qualify for the housing deduction, can I still deduct expenses?
- If I meet the 750-hour test, do I also meet the 500-hour material participation test?
- If I move back into my rental, how does that work?
- If my employer provides a cell phone, is that income?
- If the S-Corp taxation is what I ultimately want, should I form an LLC or C-Corp?
- Ineffective S Corp Elections
- Introduction Disclaimer
- I purchased a rental property last year. What closing costs can I deduct?
- IRAs and Savings Bonds To Help With Higher Education Costs
- IRS Determination, Form SS-8
- IRS Revenue Rulings and Fact Sheet 2008-25
- IRS S Corp Stats
- Is cancellation of debt always taxable?
- Is depreciating my rental a good thing?
- Is there a way to avoid Self-Employment tax?
- Joint Ventures
- Liability Protection Fallacy of an LLC
- Life Cycle of an S Corporation
- LLC Popularity (Hype)
- LLCs and S-Corps
- Loans or Capital Injections
- Long-Term Care
- May I still make contributions to my IRA as an ExPat?
- Medical C Corp
- Mid-Year Payroll
- Minimize Tax or Maximize Value (Economic Benefit)
- Minimum Payroll with December Bonus
- Misclassified Workers Can File Social Security Tax Form
- Missing Payroll, Now What
- More About WCG
- Multi-Member Limited Liability Company
- Multi-Member LLC That Issues Invoices
- Multiple Employees
- Multiple Shareholders Payroll Split
- My home was destroyed- what deduction can I take? How do casualty losses work?
- My rental sale was a huge loss. What can I do?
- Negative Qualified Business Income
- Net Investment Income, Medicare Surtax and S Corps
- Nevada Fallacy of an LLC (or Delaware or Wyoming!)
- Nexus Theory
- No BS
- Non-Qualified Deferred Compensation Plan
- Nuts and Bolts of the S Corp Election
- Officer Compensation with Solo 401k Plan Deferral
- One Person Show or Husband-Wife Team, S Corporation
- Operating Agreements
- Other Tricks of the Trade with S Corps
- Other W-2 Income
- Owner Only 401k Plans in MMLLC Environment
- Parent-Child Arrangement (Income Flows “Down”)
- Parent-Child Arrangement (Income Flows “Up”)
- Partnerships
- Payroll Taxes on Children
- Personal Service Corporation
- Philosophy of Business Losses
- Physical and Economic Presence, Nexus Attached
- Private Track Coach Deducts Business Losses for Eight Years, Court Says OK
- Processing S Corp Payroll
- Professional Corporations and LLCs
- Progressive Updates
- Purchase Price Allocation
- Putting Your Kids on the Payroll
- Qualified Property Anti-Abuse
- Quick Reference 2023
- Quick Reference 2024
- RCReports
- Reasonable Salary Labor Data
- Reasonable Salary Recap
- Reasonable S Corp Salary Theory
- Recap of Benefits with Multiple Entities
- Recap of S Corp Downsides
- Recap of S-Corps
- Recap of State Tax Issues
- Reclassify Shareholder Distributions
- Reducing Taxes
- Rental Losses with an S-Corp
- Rental Partnerships
- Rentals Owned by an LLC Fallacy
- Small Business Retirement Planning Recap
- Retirement Planning within an S-Corp
- Retirement Planning Within Your Small Business
- Retirement Questions to Ask
- Risk Analysis to Reasonable Shareholder Salary
- Rolling Old 401k Plans or IRAs into Your Small Business 401k Plan
- Roth 401k Versus Traditional 401k Considerations
- Sales and Use Tax, Income Tax
- Salespeople As Contractors
- Sample Response to CO Unemployment Claim
- S Corp Equity Section
- S-Corp Hard Money Facts, Net Savings
- S Corp Hard Money Facts, Net Savings
- S Corporations
- New S Corp Puppy, What Do I Do Now
- S Corp Salary Starting Point
- S Corp Section 199A Deduction Examples
- S Corp Tax Return Preparation
- S Corp Versus LLC
- Section 105 Health Reimbursement Arrangement (HRA)
- Section 125 Cafeteria Plans and Flex Spending (FSA)
- Section 179 and Bonus Depreciation
- Section 199A 200k Comparison
- Section 199A 250k Comparison
- Section 199A Actual Tax Returns Comparison
- Section 199A Basic Comparisons
- Section 199A Deduction Decision Tree
- Section 199A Deductions – Pass Through Tax Breaks
- Section 199A Defining Terms
- Section 199A Frequently Asked Questions
- Section 199A Health Insurance Comparison
- Section 199A Pass-Thru Salary Optimization
- Section 199A Phaseout
- Section 199A Qualified Business Income Tax Deduction
- Section 199A Reasonable Compensation
- Section 199A Recap
- Section 199A Rental Property Deduction
- Section 199A S Corp Considerations
- Section 199A Side by Side Comparisons
- Section 199A Specified Service Business Comparison Part 1
- Section 199A Specified Service Business Comparison Part 2
- Section 199A W-2 Safe Harbors
- Self-Directed 401k Plans
- Self Employed Retirement Plan Basics
- SEP IRA
- SEP IRA Limitations
- SEP IRA, Roth IRAs and the Roth Conversion
- Services and Tangible Personal Property (TPP)
- Services or Property Provided to an SSTB
- Shameless Self-Promotion
- Shareholder Distributions as Reimbursements
- Should I convert my LLC to an S-Corp (Sub-S Election)?
- Should I form an LLC with my spouse?
- SIMPLE 401k
- Single Member Limited Liability Company
- Small Business Tax Deductions Themes
- Social Security Basis
- Sole Proprietors and Single Member LLCs
- Sole Proprietorship
- Specified Service Trade or Business (SSTB) Definitions
- Spousal Attribution and Controlled Groups
- State Apportionment with Multiple Entities
- State Business Taxes (Not Just Income Taxes)
- State Tax Issues and Nexus
- Statutory Employee and NonEmployees
- Stock Classes
- Structuring Deals with Angel Investors
- Summary of Small Business Tax Deductions
- Sutter Rule
- Take Money Out of the S Corp
- Taking Shareholder Distributions
- Tax Brackets Misconceptions- Should I earn more money?
- Tax Court Cases for Reasonable Salary
- Tax Court’s Checklist
- Tax-Free Rental of Your Home
- Tax Home
- Tax Savings and Tax Deferrals
- Tax Savings with Health Insurance
- Terminating S Corp Election
- The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
- The Owners-Only 401k Plan
- The S-Corp Grind, Operational Hassles
- The Zero Dollar Paycheck
- Things to Work Through with Multiple Entities
- Three Types of Income
- Tracking Fringe Benefits
- Trade or Business of Performing Services as an Employee
- Company-Sponsored 401k Plan
- Trapped Assets
- Turbo Charged 401k Plans
- Turn Your Vacation Into a Tax Write Off
- Two 401k Plans
- Type of Relationship
- Using a 401k in Your Small Business Retirement Options
- Using a Self-Directed IRA to Buy a Rental, Start A Business
- Using a Trust in Your Formation Considerations
- Value of a Business Tax Deduction
- Vesting and Expanding Ownership
- W-2 Converted to 1099
- W-2 Converted to 1099 Reasonable Salary
- W-2 or 1099-MISC That Is The Question
- WCG Fee Structure
- WCG (formerly Watson CPA Group) Philosophy on Hobby Losses
- Wayfair Case Part 1
- Wayfair Case Part 2
- What activities count and don’t count?
- What amount can I deduct for foreign earned income exclusion?
- What are my chances of being audited?
- What are qualified medical expenses?
- What are some of the donations I can deduct?
- What are some of the IRS tricks to deny my real estate professional designation?
- What are some of the tax court cases for real estate professionals?
- What are some of the types of IRS notices and letters?
- What are some other charitable deductions?
- What are tax issues with an LLC owning a rental property?
- What are the exceptions to rental activities?
- What are the general tests for material participation?
- What are the limits of my donations?
- What are the operational hassles of an S-Corp LLC?
- What are the requirements for mileage records?
- What are the rules on a home office deduction?
- What business or corporate expenses can I deduct?
- What can the IRS do if I don’t pay my taxes- what is the collections process?
- What causes or triggers an IRS audit?
- What College Expenses Can I Deduct From My Income
- What constitutes a full-time student for tax purposes?
- What do I do with a 1099-K?
- What happens if my host country has a form of social security?
- What if I cannot pay my taxes?
- What IRS publications deal with audits?
- What is active participation versus material participation?
- What is an Accountable Plan?
- What is a tax home or abode, and how do they relate to each other?
- What is Cancellation of Debt? Is it taxable income?
- What is considered foreign earned income?
- What is considered rental income?
- What is foreign earned income exclusion?
- What is the appeals process?
- What is the bona fide residence test?
- What is the definition of real estate professional?
- What is the difference between a hobby and a business?
- What is the difference between an LLC, S-Corp and a C-Corp?
- What is the difference between foreign tax credit and deduction?
- What is the marriage penalty and how does it affect our tax returns?
- What is the period of limitations for an audit?
- What is the physical presence test?
- What rental property expenses can I deduct?
- What types of audits could I face?
- Who can be with me at my IRS audit or conference?
- Who qualifies as a charity?
- Why can’t I deduct health insurance premiums?
- Why designate myself as a real estate professional?
- Why give to charities?
- Why should I keep tax records?
- You Own the Automobile, Get Reimbursed By The Mile
- You Own the Automobile, Lease Back to Your Company
- You Own the Automobile, Take Mileage Deduction
- Your Spouse as a Partner (Happy Happy Joy Joy)
Rental Property KB
- 1031 Like-Kind Exchange
- About the Author
- Accelerated Depreciation and Section 179 Deduction
- Allowed Versus Allowable Depreciation
- Basic Business Entities For Real Estate Investment
- Book Introduction
- Buying Out Your Real Estate Partner
- C Corporations
- Changing Depreciation Between 27.5 and 39.0 Years
- Chapter Introduction
- Charging Orders
- Converting Primary Residence To A Rental
- Cost Segregation Study
- Economic versus Equity Interests
- Fallacy Of A Nevada LLC (or Delaware, or Wyoming, or wherever!)
- Five Basics to Warm Up To
- Getting The Rental Property Ready
- Glossary
- Improvement Versus Repairs
- Introduction Disclaimer
- Liability Protection Fallacy Of An LLC
- Limited Liability Partnerships (LLP) and General Partnerships (GP)
- LLC Benefits For Rental Properties
- Loans or Capital Injections
- Material Participation Rules
- Moving Your Rental Property Into An LLC
- Multi-Entity Rental Property Tiered Structure
- Multi-Member Limited Liability Company (MMLLC)
- Operating Agreements For Real Estate Partnerships
- Owning A Rental Property With Others
- Partial Asset Disposition (PAD)
- Passive Activity Loss Limits
- Passive Income Generators (PIG)
- Pass-Through Versus Disregarded Entity Taxation
- Progressive Updates
- Qualified Improvement Property (QIP)
- Quick Reference 2023
- Quick Reference 2024
- Real Estate and Rental Properties as a Business
- Real Estate Asset Setup On Your Tax Returns
- Real Estate Holding Company and Operating Company
- Real Estate Investing With Family Partners
- Real Estate Professional Status (REPS)
- Real Estate Succession Planning
- Rental Property Acquisition Costs
- Rental Property In C Corporations
- Rental Property In Partnership Entities
- Rental Property Meals
- Rental Property Renovations (Rehab)
- Rental Property Repairs Safe Harbors
- Rental Property Tax Deductions Themes
- S Corporations
- Section 199A Rental Property Deduction
- Selling Your Rental Property
- Shameless Self-Promotion
- Short-Term Rental (STR) Loophole
- Single-Member Limited Liability Company (SMLLC)
- Sole Proprietorship
- State Problems With Your Rental Property
- Structuring Real Estate Deals with Angel Investors
- Taking The Rental Out of Service
- Three Types of Income
- Trapped Rental Assets In An S Corporation
- Using A Self-Directed IRA Or 401k To Buy A Rental Property
- Using a Trust In Your Real Estate Holding Company
- Vacation Home Rules
- Value of a Rental Property Tax Deduction
- What Time Counts For Material Participation
- Your Small Business As A Passive Income Activity
- Your Spouse As A Business Partner (Happy Happy Joy Joy)
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The tax advisors, business consultants and rental property experts at WCG CPAs & Advisors are not salespeople; we are not putting lipstick on a pig expecting you to love it. Our job remains being professionally detached, giving you information and letting you decide within our ethical guidelines and your risk profiles.
We see far too many crazy schemes and half-baked ideas from attorneys and wealth managers. In some cases, they are good ideas. In most cases, all the entities, layering and mixed ownership is only the illusion of precision. As Chris Rock says, just because you can drive your car with your feet doesn’t make it a good idea. In other words, let’s not automatically convert “you can” into “you must.”
Let’s chat so you can be smart about it.
We typically schedule a 20-minute complimentary quick chat with one of our Partners or our amazing Senior Tax Professionals to determine if we are a good fit for each other, and how an engagement with our team looks. Tax returns only? Business advisory? Tax strategy and planning? Rental property support?
