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Tax Tip Tuesday- Hiring Your Kids

*this transcript was taken from our Tax Tip Tuesday series on Youtube. You can watch the video here. Hey everyone, I hope you're ready for another Tax Tip Tuesday. So I get a lot of questionsRead more

Can I write off a cruise?

On the week of September 16th I was with my family on a Disney Halloween themed cruise ship, enjoying the all encompassing experience of being out in the middle of the ocean for four nights. I haveRead more

Be Aware of Tax Issues While Working Abroad

Here are three quick things to know about working abroad. Issue 1: Section 199A To qualify for the Section 199A deduction, your business income must be effectively connected with the conduct of a tRead more

Creating More Business Meal Tax Deductions After the TCJA

Here’s good news for business meals: the Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals. The net effect of this change is toRead more

Impact of Death, Retirement, and Disability on the 179 Deduction

What tax effect would death, retirement, or disability have on you or your business? Here’s an easy example to illustrate. Let’s say that in 2017, you purchased for business use a pickup truck wRead more

Take Advantage of the 199A Deduction for 2019

If you operate your business as a pass-through entity, such as a proprietorship, partnership, or S corporation, the profits of that business can generate the Section 199A tax deduction. No-ProblemRead more

Roth IRA versus Traditional IRA: Which Is Better for You?

Roth IRAs tend to get a lot of hype, and for good reason: because you pay the taxes up front, your eventual withdrawals (assuming you meet the age and holding-period requirements—more on these beloRead more

Beware: IRS Error in Rental Property Deduction Publication

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 theRead more

Incorporation Is Not for Everyone

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 payingRead more

Can the IRS Require Odometer Readings with the Mileage Rate?

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. YouRead more

Proven Tax Reduction Strategies for Sole Proprietors

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 aRead more

The Brains Behind Our Rebrand

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 backRead more

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Here's where you'll receive the most recent in tax advice and up-to-date information on what's new in the industry for medical professionals.  You'll also find important dates to remember for submitting quarterly and yearly tax information.

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Tax Planning Guide

The Tax Cuts & Jobs Act (TCJA) passed in late 2017 was the biggest change to the tax code in decades. How does it affect you? Has your tax advisor sat down with you to discuss it impacts on your tax situation?  Download this free eBook for 2018 & 2019 must-know tax planning topics.

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