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
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
Introduction In this case study, we will delve into the world of Employee Retention Credit (ERC) for dental offices and explore how TaxRx Group, the healthcare specialists for tax credits, helped Dr. B, a fictional dentist, leverage this powerful tax incentive. By understanding the technical aspects of ERC application and aligning it with the unique Read More
Introduction Dr. K, a leading oral and maxillofacial surgeon, managed to achieve an impressive saving of $153,798 in taxes by tapping into the Research & Development (R&D) tax credit with the strategic guidance and expertise of the TaxRx Group. Background Dr. K operates a state-of-the-art oral and maxillofacial practice, where he constantly seeks to Read More
Introduction Dr. Anderson, a dentist and owner of a successful dental practice, sought to maximize tax benefits and reduce expenses for his office. Through consultation with TaxRx Group, the healthcare specialists for tax credits, Dr. Anderson discovered the Augusta Rule—a tax provision that presented significant opportunities for his dental office. Understanding the Augusta Rule Read More
Understanding the Augusta Rule The Augusta Rule, also known as the Augusta Exemption, is an important provision within the tax code that can benefit dental office owners. It allows individuals to rent their personal residences to their businesses for specific purposes, such as short conferences, remote meetings, or other qualifying activities, without triggering tax consequences. Read More
