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Tax Tips

Last Minute Year End Tax Savings For Businesses

Dec 21 2013
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In the spirit of giving this holiday season, Gedeon Law & CPA put together a quick list of some simple last minute tax strategies that can help reduce your year-end tax liability. Stop Invoicing Customers For taxpayers on a cash basis, this easy strategy will instantly reduce
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Save on Taxes By Getting Married Before Year End

Oct 28 2013
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“If love is blind, I guess I’ll by myself a cane” W. Axl Rose   While love may be blind, your tax planning when it comes to getting married shouldn’t be. Why? Because some couples are surprised to learn that getting married may actually result in a higher tax liability than
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Don’t MAIL That FBAR: New Mandatory FBAR E-Filing

Jul 07 2013
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Electronic FBAR filing has become mandatory, including for late filings and corrected FBARs, effective July 1, 2013. Under the new rules, a penalty may be imposed for filing your FBAR on paper and not complying with the e-filing requirement. Paradoxically, even though FBAR
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Canadian Banks Disclosing U.S. Depositors to IRS

Jun 28 2013
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If you are a US taxpayer and a client of a Canadian financial institution and have not been filing FBAR or other foreign disclosures required by the IRS, then you need to read this article. Why? Because Canadian banks will now be required to report your account to the IRS under
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Buy A Building and Rent It To Your Business

Jun 20 2013
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What are the tax benefits if your business buys a property instead of leasing it? In this article, we’ll tell you how one of our client’s took advantage of low market prices and interest rates to acquire a property for use by their S Corp and realized substantial tax
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How Renting From Your Spouse Saves You Taxes

Apr 16 2013
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Do you file Schedule C for your business? Is your business profitable? Is there property or equipment your spouse owns separately or co-owns with you that you can use in your business? If the answer to all these questions are yes, then this article will show you a tax strategy
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How To Deduct Mileage To Your Rental Properties

Apr 09 2013
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We recently started working with a new client who lives in Southern California and owns multiple rental properties in Northern California. During the initial meeting with our client, she explained how she made frequent trips to Northern California to visit her rental properties
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Tax Deduction For Your Child’s Education

Apr 02 2013
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Recently, one of our clients contacted us about hiring her daughter to work in her business. Her daughter is currently in college and our client was curious if she could claim her daughter’s education costs as a business expense. My client’s daughter is 21 years old
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S Corps That Discriminate On Health Insurance Coverage

Mar 05 2013
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At Gedeon Law & CPA, we specialize in dealing with the tax issues facing S corporation owners. Case in point. The tax law dealing with health insurance for a greater than 2% S corporation shareholder-employee can be tricky. It becomes even trickier when the S corporation does
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13 Year End Tax Planning Tips

Mar 04 2013
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As we enter the last quarter of the year, it’s a good time for business owners to start thinking about year-end tax planning opportunities for 2012 and to start planning for the following tax year when it comes to growing cash flow, structuring business operations and
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