by Todd Schanel, CFA, CPA, CFP® | Dec 18, 2020 | S Corporation, Small Business, Tax Advice
Making the switch from employee to business owner requires some getting used to. One of those adjustments is understanding the difference between the income reported on a K-1 and the amount of cash distributions received. Let’s look at some of the reasons why this...
by Todd Schanel, CFA, CPA, CFP® | Mar 16, 2020 | IRS, Tax Advice
What is an Enrolled Agent? Although no formal credentials are required to work as a tax preparer in the U.S., hiring one with a professional license protects your interests. Besides the obvious choice of hiring a CPA, an Enrolled Agent, or EA, is another option....
by Todd Schanel, CFA, CPA, CFP® | Jan 24, 2020 | IRAs, Tax Advice
On Friday, December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law. The broad intent of the legislation is to make it easier for families to save more for retirement, but it also includes several unfavorable...
by Todd Schanel, CFA, CPA, CFP® | Dec 2, 2019 | IRS, Self-Employed, Tax Advice, Tax Deductions
Interest on personal loans and credit cards is generally not a deductible expense. But one important exception to this general rule is when you use a personal credit card or take out a personal loan to pay for business-related expenses. In this situation, the interest...
by Todd Schanel, CFA, CPA, CFP® | Oct 4, 2019 | IRS, Tax Advice, Tax Deductions
When an investor sells a stock or mutual fund that produces a loss, this capital loss reduces taxable income by first offsetting any capital gains, and then by reducing taxable income up to $3,000. Net capital losses in excess of $3,000 generate what is called a...
by Todd Schanel, CFA, CPA, CFP® | Sep 17, 2019 | IRS, Tax Advice
In today’s highly mobile society, it’s not unusual for people to live and work in different states, and that mobility can have tax implications. In this two-part series, we will look at what that can mean for your taxes, starting with your federal income tax...
