by Pierre Philantrope | Sep 27, 2023 | Tax Tip
Let us assume that you have an acquaintance, a friend or relative who moved to the United States from a foreign country. Here is a high-level look at eight tax considerations your friend or relative needs to know: 1. Tax residency. A foreign individual’s income tax...
by Pierre Philantrope | Sep 13, 2023 | Tax Tip
The distinction between repair expenses and improvement costs can impact your tax benefits. The tax law categorizes repair and improvement costs differently. Repair expenses are generally more beneficial for tax purposes, providing greater after-tax cash value than...
by Pierre Philantrope | Aug 30, 2023 | Tax Tip
The ability to deduct the costs of your real estate seminars, boot camps , or similar expenses largely depends on the nature of your real estate activities. Are they considered a business or an investment? This distinction is crucial for understanding your tax...
by Pierre Philantrope | Aug 9, 2023 | Tax Tip
This tax tip provides some crucial information on how to document expenses during a business travel. Corporation or proprietorship – If you operate as a corporation, the corporation should reimburse you for the travel expenses or pay for them directly. Remember,...
by Pierre Philantrope | Jul 26, 2023 | Tax Tip
In White v. Commissioner (White v. Comm’r, T.C. Memo. 2023-77), the Tax Court held that the discharge of White’s indebtedness of $14,433 was excluded from gross income. The taxpayer was entitled to exclude cancellation of indebtedness income resulting from...
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