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How a business owner’s home office can result in tax deductions
/in News, Tax Tips - Business/by Betty KimAs a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here […]
Do you have an excess business loss?
/in News, Tax Tips - Business/by Betty KimIf an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during […]
2025 – Wishing You a Successful and Prosperous New Year!
/in Encore Culture, News, Tax Tips - Business, Tax Tips - Individual/by Betty KimDear Clients, Trusted Advisors and Colleagues, Happy New Year! As we step into 2025, we’re excited about what lies ahead and look forward to serving you with even greater focus, care, and expertise. Our team has been diligently preparing to support your goals in taxes, accounting, and business consulting—whether for your business, new ventures, personal […]