Oil and gas are a staple of energy production throughout much of the world, and their potential returns make oil and gas investments an attractive option. Tax incentives designed to encourage oil and gas production also help these opportunities stand out. If you’ve ever considered diversifying your portfolio with energy assets, it’s essential to understand […]
Tax Benefits of Investing in Oil and Gas: A Detailed Overview Read More »
If you own and rent out an investment property, you may consider a family member as the ideal tenant for your property. After all, you know their background and have a personal relationship with them—which can be more comfortable than turning over the use of your property to a total stranger. But before you decide
Can You Rent an Investment Property to a Family Member? Read More »
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
Form W-2 is the most commonly filed tax document in the US. It’s a simple document that employees file every year. These taxes will cost you 10% to 37% of your income, depending on how much you make. But there are several ways to save on taxes that don’t immediately meet the eye. With some
How can I strategize my tax planning as a W-2 only earner? Read More »
Most professionals only have one job. But it’s becoming increasingly common for Americans to have separate income streams. If you have two or more employers, this can mean having two separate retirement accounts. It’s legal to have multiple 401k accounts. In fact, in a select few professions, it’s quite common. But there are limiting factors
Can I Have Multiple 401k Profit-Sharing Plan Accounts? Read More »
Buying a vehicle through your business isn’t entirely different from buying one personally. But before you buy a vehicle under your business’s name, there are several factors you must consider. When you buy a vehicle through your business, you will be faced with different requirements. The ways the IRS accounts for personal and business vehicles
Should I buy a vehicle through my healthcare business? Read More »
Hiring a babysitter, or nanny, is a great way to have in-home care for your kids while you’re working, running errands, or doing whatever it is that you need to do sans-children. What you may not know is that the IRS sometimes considers these caregivers to be “household employees”, and therefore requires employment taxes (or
Nanny Tax Rules: Does It Apply To You? Read More »
Before 2010, most people could not afford to convert an IRA into a Roth IRA. After 2010, the income restrictions that stopped them from doing so were scrapped. But one thing that hasn’t changed is that Roth IRA contributions typically trigger a taxable event. There are few ways of getting around this taxable event: IRA
Want A Tax-Free Roth Conversion While Donating To Charity? Here’s How! Read More »
Below are starting ideas for jobs a minor can perform. Of course, some jobs are dependent on age and skills. Some jobs are a great way of learning new skills that can be applied to their education! Janitor – cleaning, emptying trash, etc Scan receipts and save them in digital format (google drive, dropbox, etc)
Job Duties for Your Child Read More »
Taxpayers with high ordinary incomes are highly taxed. If you’re a high-net-worth earner, you’ve likely diverted some of your income into investments. The most common investment type for those in this situation is real estate. Passive income is taxed with a different set of rules than the ones surrounding your ordinary income. Passive income tax
How to use Passive Income Generators (PIGs) to offset Passive Losses Read More »
