This week, Mike provided us with some great insight into what to expect in regards to the upcoming tax season. With changes occuring more frequently, his firm has been on the cutting edge of realizing these changes, and providing advantages to their clients wherever possible.
Some of the highlights of his presentation included the benefits of c-corps and s-corps, how to structure your entity if looking to sell it in the near to short term as well as the benefits for having a cyber security insurance policy built into your business.
Real estate firms now also have a change in their taxes based on the amount of interest they can deduct, making it ever more crucial to have a professional look at your structure whenever possible.
Mike also mentioned the importance of reporting any virtual currency earnings that may have occurred over the last year, adding that there is a sense of a high non-compliance by citizens.
He also mentioned to be weary of filing jointly when married if student loans are in the picture, especially if the repayment options are tied to any income-drive repayment terms. This could create an acceleration for the loan repayment which could be burdensome.
His last excerpt included the importance of being careful not to report more than necessary for those who qualify for Medicare. People have reported increases in their monthly premiums due to errors in their tax returns.
For more information on how to prepare yourself and your business for the new tax year, contact Michael Blanski by visiting http://www.gbbcpa.com/ today.