Beware: IRS Error in Rental Property Deduction Publication
September 16, 2019
Here’s a heads-up on mortgage insurance.
Personal Residence Mortgage Insurance
The deduction for mortgage insurance on a qualified residence ended on December 31, 2017. But don’t give up on the deduction.
The personal residence mortgage insurance deduction is part of wha...
Incorporation Is Not for Everyone
September 12, 2019
If you’re not good at paperwork, the corporate form of business is probably not for you.
Let me tell you about a tax court case involving William H. Bruecher III. He learned a lesson by paying more than $27,000 in taxes on monies his corporation supposedly loaned to him. M...
Can the IRS Require Odometer Readings with the Mileage Rate?
September 11, 2019
Do you claim your business miles at the IRS optional rate? If so, imagine you are now being audited by the IRS for your business mileage. The IRS has requested odometer readings for your vehicle. You might wonder if the IRS can do this.
The answer is yes. The tax code says t...
Proven Tax Reduction Strategies for Sole Proprietors
September 9, 2019
If you operate your business as a sole proprietorship, there are many strategies to reduce your taxes.Let’s start with the following 10:Use the Section 105 plan to make your health insurance a tax-favored business deduction on your Schedule C.Employ your under-age-18 child...
The Brains Behind Our Rebrand
August 26, 2019
We’re paying all of our attention to Medical Professionals
You’ll notice we’ve made some big changes around here. We’re saying goodbye to Gallati Professional Services and coming back stronger as Cerebral Tax.
GPS has served us well over the past 5 years. It’...
Our Pricing: The Cerebral Difference
August 23, 2019
One of the most frequent comments I receive from potential clients is “I am really surprised by your higher prices. It is not what I am used to but then again, you are different from my current tax advisor. Can you please explain how your services vary from my current advi...
The Seven Deadly Sins of Small Business Owners
August 12, 2019
In our Facebook live episode, we've covered the “7 Deadly Sins of Small Business Owners." I discuss the ways small business owners get in trouble with the IRS and how they can correct those mistakes.
Deadly Sin #1: Commingling Personal and Business FundsM...
3 Tax Reform Changes To Save You Money
June 13, 2019
We hosted a Facebook live event on Tax Reform Changes. You can watch the whole video here.
Here are my Top 3 Tax Reform Changes to save you money.
Tax Reform Change #1: Lower Individual Tax RatesThe Tax Cuts and Jobs Act is the biggest tax bill in 31 years and wh...
Why are kids so awesome for tax savings?
June 10, 2019
On our “Kids And Why They Are Awesome for Tax Savings" Facebook Live session, I discuss tax planning strategies and some of the ways your kids can be a benefit for saving money during tax time.
Effects of Tax Savings Over Time
Let’s take a look at how structuring y...
The Basics of S-corps
June 5, 2019
There’s an old Morgan Stanley slogan that says “You must pay taxes. But there’s no law that says you’ve gotta leave a tip.” That’s a great attitude to keep in mind as we work through all of this material.Self Employment TaxesLet’s start with the problem we’re...
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