Understanding Bad Debt Loss Deductions By Tiffany McBroom and Melanie Sikma The current economic climate makes this a good time to focus on bad debt losses. As an individual taxpayer, deducting bad debt losses has always been controversial with the IRS. To claim the deduction, you must first establish that the loss was from a bona fide loan transaction that went wrong. So be alert. Avoid ill-advised moves, such as making a loan that turns out not to be a loan but a contribution to the capital of a business entity. Avoid the informal advance to a friend or relative…
Author: Tiffany & Melanie
Tiffany & Melanie
Tiffany McBroom and Melanie Sikma are a sister powerpack combo! They formed One Stop Tax Strategists as a way to help as many entrepreneurs as possible; connecting their clients with the best tax and financial professional fit for them. They love to help their clients pay as little tax as legally possible and utilize that extra money to fund their dreams, and are excited to do that for you as well! https://www.onestoptaxstrategists.com/
Understanding The Tax Laws and Regulations is Crucial for Real Estate Investors By Tiffany McBroom and Melanie Sikma Real estate investment is a popular and profitable venture for many individuals, but navigating the tax implications can be overwhelming. It is crucial for real estate investors to understand the tax laws and regulations specific to real estate to minimize their tax liabilities and maximize their returns. In this article, we will discuss some important tax tips for real estate investors. Keep Accurate Records The first tip for real estate investors is to keep accurate records of all financial transactions related to…
