The landscape of American tax policy has seen significant shifts in recent years, with one of the most impactful being the change in the treatment of Research and Development (R&D) expenses. This blog aims to shed light on the current status of the R&D Tax Credit, its implications for businesses, and the growing call for Read More
Navigating Tax Planning for Healthcare Businesses: A Case Study of ‘Practice, LLC’ Introduction At TaxRx Group, we specialize in providing comprehensive tax advisory services tailored to the unique needs of our clients. This blog presents a detailed case study of how we assisted an orthodontist client and their business, ‘Practice, LLC’, in optimizing their tax Read More
Harnessing the Power of Advanced Tax Payment for Pass-Through Entities Introduction: In the complex landscape of business taxation, one avenue often overlooked is the strategic timing of tax payments, especially for pass-through entities. These entities, which allow business profits and losses to ‘pass through’ to the owners’ individual tax returns, provide unique opportunities for savvy Read More
Philanthropic Donations as a Tax Savings Strategy In the realm of tax planning, utilizing charitable donations can provide substantial benefits to individuals, particularly those with higher incomes. This strategy not only fosters a spirit of giving and community support, but it can also result in significant tax advantages. What is a Charitable Donation Strategy? At Read More
Maximize Your Business Deductions with an Accountable Plan Accountable Plan Overview: The Accountable Plan is a tax strategy that allows businesses to convert out-of-pocket expenses into tax-free reimbursements for employees, simultaneously providing tax deductions for the business. Understanding its mechanism, compliance rules, and potential advantages can lead to significant tax savings and streamlined business operations. Read More
How To Calculate the R&D Tax Credit The R&D (Research and Development) tax credit calculation can be difficult, and the process can change based on where your company business is. For accurate advice, consult a tax professional or accountant familiar with your jurisdiction’s tax laws and regulations. Here’s a basic guide: 1.  Determine the R&D Read More
The 280C Protective Election: A Safe Harbor in the R&D Tax Credit Landscape The intricacies of tax law can seem like a labyrinth, especially when it comes to leveraging credits such as the Research & Development (R&D) tax credit. One navigational tool that can be utilized within this maze is the 280C Protective Election. In Read More
How Are Lottery Winnings Taxed? Lottery winnings are regarded as taxable income by the federal government. Any winnings surpassing a predetermined level, now $600 or more, must be reported to the Internal Revenue Service (IRS). A Form W-2G, which lists your winnings and any taxes withheld, such as a jackpot, will be provided to you Read More
Introduction Ms. Smith, a fictional property owner, owns multiple AirBnB properties and is seeking to maximize her tax savings. She discovers that by utilizing cost segregation, she can potentially accelerate depreciation deductions, resulting in substantial tax benefits. This case study explores the application of cost segregation in AirBnB properties and its potential advantages within the Read More