Experts June 19, 2024

Turning Your Primary Residence into a Rental

Residential real estate is depreciated over 27 ½ years.  On a new rental property, the basis would be the purchase price of the home, minus the value of the land.  However, when turning a primary residence into a rental, the rules are a little different.   The starting point for basis for depreciation is the lower of […]

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Experts June 6, 2024

Payroll Mistake = Bankruptcy

Yesterday I had a good call with my friend Chelsea, she manages one of the largest payroll companies in the world. NCH supports thousands of small business owners with S-Corps or LLCs taxed as an S-Corp. Certain business owners are required to take a small reasonable salary. The “salary” is paid out in the form […]

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Business formation May 30, 2024

Have a Corp or LLC? Please read!

If you own or control 25% or more of a Corporation or LLC, or certain types of trusts, you are required to file a Beneficial Ownership Information Report (BOI).  The penalty for not filing is $500 PER DAY.    The good news:  if you formed a corporation or LLC in 2023, you have until December 31st to […]

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Experts May 23, 2024

Umbrella Policies; The Good, The Bad and The Ugly

For the past two years, we’ve had people inquire about forming LLC’s to protect their assets.  It never fails, people start chiming in, “Get an UMBRELLA POLICY!”    Let’s make sure you’re educated on exactly how Umbrella Insurance works.  After all, your family and loved ones are relying on you to make wise decisions. How many […]

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Business formation May 9, 2024

Business Credit Secrets!

A few weeks ago someone asked about which credit cards are best.  There’s a lot to consider such as 0% interest for 6-24 months, points, cash back, airline miles…   Last week, I spoke with Danielle, our in-house Business Credit Manager, and got some really insightful information that I’m excited to share with you! On the […]

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