Straight Talk CPA - Blog

IRS Gets a Revamp Through the 2019 Taxpayer First Act   Posted by: Salim Omar

The Internal Revenue Service will get a major revamp for the first time in decades, through President Trump’s Taxpayer First Act (TFA) of 2019. The new taxpayer-friendly law is meant to improve the IRS by restructuring, modernizing, and overall…

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Avoiding Landlord Tax Trouble   Posted by: Salim Omar

If you are leasing a space for your small business, I have two questions for you: Did you prepay your 2019 rent so that you have a big 2018 tax deduction? How do you identify in your accounting records…

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Reduce Your Salary and Reap the Benefits   Posted by: Salim Omar

If your small business is registered as a S corporation, the fact of the matter is that it has to pay you reasonable compensation for the services you provide to the corporation. However, if your corporation pays your health…

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Eliminating Damage from The New Excess Business Loss Rule   Posted by: Salim Omar

The Tax Cuts and Jobs Act (TCJA) tax reform added a new limit on larger business losses. Unfortunately, it can adversely affect the taxes you pay. The new law works in some unusual ways that can result in you…

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Establishing an Employee Entertainment Facility   Posted by: Salim Omar

If you are considering using a previously established business employee entertainment facility as your own somewhere down the line, you’re probably asking yourself IF and HOW you can make it happen. The good news is, it is certainly possible….

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Facing the Kiddie Tax   Posted by: Salim Omar

If your family has previously had trouble with the kiddie tax, then unfortunately you will face some new troubles for tax years 2018 through 2025 thanks to the recent tax reform. To make things easier on yourself, you will…

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Getting in the Opportunity Zone   Posted by: Salim Omar

One of the new tax planning strategies created by the Tax Cuts and Jobs Act tax reform are qualified opportunity funds. The new opportunity funds have the ability to defer current-year capital gains, eliminate some of them later, and…

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[VIDEO] 3 Success Principles from a Billionaire   Posted by: Salim Omar

I recently read Principles by Ray Dalio, founder of investment firm Bridgewater Associates and one of the world’s 100 wealthiest people. In his book, he shares three important principles for success: Have your audacious goals Learn from mistakes Find out…

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How Family and Medical Leave Benefits Benefit Your Small Business   Posted by: Salim Omar

When it comes to employee talent, you compete with other employers in a variety of ways. Benefits are very important to an employee’s decision to stay with a business, and a good medical and family leave policy is one…

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[VIDEO] Are you missing out on our monthly breakfast?   Posted by: Salim Omar

  WOW, do you see the energy in this room? Are YOU missing out on the action? If so, you don’t have to. You too could be among this energetic crowd at our monthly Business Breakthroughs Networking Breakfast. Start…

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