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Gabriel Velez

Aug 12, 2019
3 min

Reading your Financial Statements (3 of 3)

There are three major financial statements, the Balance Sheet, Income Statements (sometimes referred to as Profit & Loss), and the Statement of Cash Flows. A fourth financial statement, the Statement of Shareholders Equity isn’t regularly prepared for a small business because there usually aren’t multiple classes of shareholders, and unrealized gains and losses typically aren’t tracked. The Statement of Shareholders’ Equity is basically an addendum to the Balance Sheet. The

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Gabriel Velez

Aug 12, 2019
3 min

Reading your Financial Statements (2 of 3)

Before you can begin to analyze your financial statements, you first have to understand the rules, or methodology, by which they’ve been pre

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Gabriel Velez

Aug 12, 2019
2 min

Reading your Financial Statements (1 of 3)

As a business owner, you should have at least a basic understanding of accounting...in particular you should know how to read your financial

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Gabriel Velez

Aug 4, 2019
2 min

Qualified Business Income (Tax) Deduction (3 of 3)

For individuals whose income comes from a Specified-Service Trade or Business, present company included, the Qualified Business Income Deduction will begin to phase out completely as income approaches the upper income limits. Phase-In/Phase-Out SSTBs phase out of QBID as their income works its way through the taxable income thresholds Specified Service Trade or Business (SSTB) So, what exactly is a specified-service trade or business? Your business is a specified-service trad

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Gabriel Velez

Aug 4, 2019
2 min

Qualified Business Income (Tax) Deduction (2 of 3)

In tax planning, deductions come in two flavors. First are your tax deferral strategies. This includes things like retirement contributions, like-kind exchanges, installment agreements, etcetera. These are considered tax deferral strategies because you get a deduction today, but some time in the future you’ll potentially have to pay taxes on that income. Second are permanent tax deductions, where you get to write something off today and you NEVER have to pay taxes on that i

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Gabriel Velez

Aug 4, 2019
2 min

Qualified Business Income (Tax) Deduction (1 of 3)

Hey small business owners, today I’m going to be talking about, perhaps the most relevant topic following the Tax Cuts and Jobs Act of 2017, and that’s the Qualified Business Income Deduction (QBID) or as it’s sometimes referred to, the “20-percent pass-thru deduction”. At the high-level this deduction allows you to reduce your qualified business income by 20-percent before calculating tax, but as with everything related to tax there’s a lot of nuance. The biggest factors t

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Aug 2, 2019
2 min

Foreign Account Reporting Requirements (FBAR)

U.S. citizens and residents with a financial interest in authority over any foreign financial account may need to report.

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Aug 2, 2019
6 min

The IRS Is Cracking Down on Cryptocurrency Tax Transactions

The IRS announced in late July 2019 that it is ramping up its campaign to ensure that taxpayers with cryptocurrency transactions report them

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Jul 19, 2019
4 min

What You Need to Know about Student Loan Interest

Article Highlights: Home Equity Loan Home Equity Interest Deduction Alternative Minimum Tax Above-the-Line Interest Deduction Qualified Expenses If you are considering borrowing funds to finance your college education or that of your spouse or children, it is important that you understand that the student loan interest deduction is not limited to the interest paid on government student loans. In fact, virtually any loan interest will qualify as long as the loan proceeds are u

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Jul 19, 2019
4 min

Get Those Kids a Job, and Take Advantage of Tax Breaks

Article Highlights Higher Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Children who are dependents of their parents are subject to what is commonly referred to as the kiddie tax. This generally applies to children under the age of 19 and full-time students over the age of 18 and under the age of 24. The kiddie tax originated many years ago as a means to close a tax loophole where parents would put their investments under their child’s

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