Are NIL Donations Tax Deductible?

We recently had a business owner client approach us about his daughter going to college. She is a volleyball athlete and was awarded a full tuition athletic scholarship to her preferred college, BUT it didn’t start until her sophomore year. This had us thinking… are there any special tax provisions related to athletes that would …

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Is a SEP-IRA or 401(k) Better?

Self-employed people can feel like they’re at a disadvantage when it comes to saving for retirement. Without an employer-sponsored retirement plan, it’s up to you to open a retirement account and put money away. For that reason, many small business owners wait until the business is consistently earning healthy profits to start saving for retirement. …

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Estimated Tax Payments

At Cerebral Tax Advisors, we recommend making your tax payments via the government’s secure payments links. This helps to eliminate your payment being lost in the mail and reduces human error with entering your payments into the IRS and state systems.  Following is a list of online tax payment websites for the IRS and states. …

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Real Estate Professional Status: A Tax Shelter for Physicians

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. With this designation, you can offset a portion of the income from your practice with various deductions associated with managing rental properties, reducing your state and local …

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How an Eye Care Clinic obtained $82,000 annual tax savings with the help of Cerebral Tax Advisors

The Client Business/Industry Eye Care Location Washington State Business Inception 2017 Number of Employees 12 Estimated Annual Gross Income $1,000,000 The Problem This Eye Care Clinic came to Cerebral to overcome the following challenges: The Solutions After analyzing the clinic situation in detail, Cerebral Tax Advisors worked with the client to implement the following tactics …

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