As serial entrepreneurs grow businesses and expand their overall business footprint, there is a tendency for advisors (such as GP CPA) to explore the idea of consolidating certain elements of the businesses.
The big focus this year has been on tax refunds, which were expected to be quite a bit different this year due to the tax changes that happened last year. A lot of taxpayers are finding reduced refunds or other surprises this year, for many different reasons.
Recent client question from a CFP (Certified Tax Planner) to GP CPA.
Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And one step to finding the hours you need to pass the time test may be your drive times.
At GP CPA we believe that surprises are best left to birthday parties, engagements, or random acts of kindness and definitely NOT taxes.