Roth IRAs tend to get a lot of hype, but there are times when a traditional IRA will put more money in your pocket than a Roth would. Which one is best for you?| Cerebral Tax Advisors
Cryptocurrency is a relatively new concept, and when dabbling in the world of Bitcoin most investors aren’t thinking about taxes. With the IRS continuing to refine the compliance laws around cryptocurrency though, it is important to understand the rules of crypto tax.| Cerebral Tax Advisors
Check out different useful articles about income tax planning, best tax saving methods, tax-efficient financial planning, and much more tax-related topics.| Cerebral Tax Advisors
In this guide, we explain what tax-loss harvesting is, how it works, and how physicians and other high-income investors can use it effectively. We also outline some practical steps for implementing the strategy and highlight common pitfalls to avoid so you have a reliable framework for reducing your tax liability without compromising your long-term investment goals.| Cerebral Tax Advisors
We offer the most effective tax strategies for high income earners. We guarantee a 100% return on your investment.| Cerebral Tax Advisors
I grew up in a family of physicians… and then I married one. When my husband and I got married, he was incredibly busy with med school.| Cerebral Tax Advisors
Good news for business meals: Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals. Find out more.| Cerebral Tax Advisors
There are lot of possible tax deductions that you can take advantage of. Health insurance coverage, home office tax deduction and much more.| Cerebral Tax Advisors
Beyond the fun of combining business with a bit of leisure, an essential question arises: "Are my spouse's travel expenses tax deductible?" While we all love the idea of trimming down our tax bill, there are specific rules to understand. Let's demystify this topic before you start planning your next business trip.| Cerebral Tax Advisors
SEP-IRAs and 401(k)s both offer tax advantages and higher contribution limits than your standard Individual Retirement Account (IRA). However, they work differently, so they benefit different types of companies, depending on whether you have employees and how much you want to contribute.| Cerebral Tax Advisors
Cerebral Tax Advisors team listed the five most important rules to follow once you’ve chosen to set yourself up as an S-corporation.| Cerebral Tax Advisors
Your tax basis in an S-Corporation is your investment in the company for tax purposes. Unlike a C corporation, an S corporation is a pass-through entity, meaning that its income, losses, and other tax items flow through to its shareholders. Your basis determines how much loss you’re allowed to deduct on your personal tax return and whether distributions from the company are taxable.| Cerebral Tax Advisors
The short-term rental tax loophole is a popular tax break amongst rental property owners. This tax code provision might allow you to classify your rental income a little differently, allowing you to offset a portion of your rental income with other active income sources.| Cerebral Tax Advisors
For physicians and similar professionals, real estate investing can be a low-effort form of earning additional cashflow with a potentially much lower tax rate.| Cerebral Tax Advisors
Passive income is taxed with a different set of rules comparing to your ordinary income. But passive income generators can be used to offset passive losses.| Cerebral Tax Advisors
As a physician and business owner, obtaining real estate professional status (REP) is an invaluable strategy that can provide you with tax benefits now and in the future.| Cerebral Tax Advisors
The short-term rental tax loophole is a popular tax break amongst rental property owners. This tax code provision might allow you to classify your rental income a little differently, allowing you to offset a portion of your rental income with other active income sources.| Cerebral Tax Advisors
Simply taking virtual CE from a vacation destination doesn’t automatically qualify the trip as a business expense. The IRS requires a valid reason for traveling to that specific location. For example, if you could have attended the virtual CE from home, it’s harder to justify deducting travel expenses.| Cerebral Tax Advisors
No more electric bills? Huge tax rebates? It sounds too good to be true, and unfortunately, in many cases, it is. The solar energy movement has gained momentum in recent years, fueled by lower solar panel costs, the consumer urge to fight climate change, and rising energy bills. However, the availability of real, but sometimes […] The post Avoiding Solar Panel Tax Credit Scam: A Guide for Business Owners appeared first on Cerebral Tax Advisors.| Cerebral Tax Advisors
At Cerebral Tax Advisors, we have often found that medical professionals love to invest in real estate since it is an excellent way to generate a return on investment, diversify your portfolio, and take advantage of tax write-offs. At first glance, it might seem advantageous to do so through an S-Corporation (S-Corp)—a structure known for […] The post The S-Corp is the Wrong Entity Structure for your Real Estate Investments appeared first on Cerebral Tax Advisors.| Cerebral Tax Advisors
An accountable plan is a reimbursement arrangement that allows employees to be reimbursed for out-of-pocket business expenses without those reimbursements being counted as taxable income.| Cerebral Tax Advisors
Claiming the home office deduction can provide tax savings for doctors who manage their practices or work from home regularly, but it's essential to understand the rules.| Cerebral Tax Advisors
Learn how Cerebral Tax Advisors work. Want to work with us and speak to a tax advisor? Follow 5 step process to make sure we are a good fit.| Cerebral Tax Advisors
In need of Tax-efficient financial planning? We're one call away! Set up a meeting if you're a new client or an existing client and discuss your needs/concerns.| Cerebral Tax Advisors
Read an interview with our client - David, who reached out to Cerebral for help and tax planning, and was able to walk away with a long-term financial plan.| Cerebral Tax Advisors