Protecting Your Identity
Scams and fraud surrounding tax reporting have been steadily increasing as technology continues to make sensitive information accessible....
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Abdul CPA
- Nov 3, 2022
- 3 min
Loaning Money to Your S-Corp: Top Considerations
The recent pandemic put many small businesses in a tough position with more cash flowing out of the bank than in. Many business owners...
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Abdul CPA
- Oct 22, 2022
- 3 min
S-Corp Basis: The Effects of Distributions
S-Corp Basis: The Effects of Distributions An S corporation structure allows the entity to pass all income, loss, credits, and deductions...
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Abdul CPA
- Sep 20, 2022
- 1 min
Taxpayer to claim their child as a dependent
Taxpayer can claim their child as a dependent _ Regardless of the child income_ as long as he meets the requirements below: 1. He/ She is...
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Abdul CPA
- Sep 4, 2022
- 1 min
The IRS announced late filing penalty relief for 2019 and 2020 tax returns
The IRS announced late filing penalty relief for 2019 and 2020 tax returns due to the pandemic. To qualify for this relief, any eligible...
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Abdul CPA
- Jul 22, 2022
- 3 min
The Benefit of Buying a Business Vehicle in 2021 & 2022
Buying a vehicle not only provides a safe method of transportation to carry out business functions, but also results in lower taxable...
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Abdul CPA
- May 30, 2022
- 2 min
Is Now the Right Time to Switch from an LLC to an S-Corporation?
As your business begins to grow, you need to meticulously plan for growth and added tax savings. One way many small businesses enjoy...
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Abdul CPA
- Feb 17, 2022
- 1 min
Section 139 of the Internal Revenue Code
Self-employed & employer are allowed to use Section 139 of the Internal Revenue Code https://www.irs.gov/pub/irs-drop/rr-03-12.pdf....
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Abdul CPA
- Feb 6, 2022
- 1 min
Taxes 2022: Start Planning Now
The pandemic brought on a whole new wave of tax law changes, making it important to start planning now. Many tax benefits individuals...
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Abdul CPA
- Jan 26, 2022
- 1 min
How Can I Reduce My Real Estate Capital Gain Taxes?
There has never been a better time to sell off real estate property with a booming market and hundreds of ready buyers. However, one...
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Abdul CPA
- Jan 22, 2022
- 1 min
Cashed Out on Crypto? Keep Tax Time in Mind
It’s no secret that cryptocurrency is changing the investment game, with Bitcoin reaching a market capitalization of $815 billion in...
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Abdul CPA
- Jan 22, 2022
- 3 min
Reducing Your Tax Burden as a Self-Employed Business Owner
Opening up a small business can lead to many great opportunities, from setting your own schedule to doing what you love every day,...
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Abdul CPA
- Jan 22, 2022
- 2 min
Hiring Your Kids to Work for You: Hidden Tax Benefits?
Running a small business by yourself can become overwhelming fast, which is where family can come in to pick up any slack. This can take...
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Abdul CPA
- Apr 4, 2020
- 2 min
Tax filers with AGI
Tax filers with an adjusted gross i ncome (AGI) up to $75,000 for individuals, $112,500 for heads of household and up to $150,000 for...
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Abdul CPA
- Apr 3, 2020
- 3 min
COVID19 Small Business Guidance Loan and Resources
Four programs are now in place to help small businesses to stay in business until the public health crisis triggered by COVID-19 abates....
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Abdul CPA
- Apr 3, 2020
- 1 min
Social Security Recipients Will Automatically Receive Economic Impact Payments/ Stimulus checks
April 1, 2020 WASHINGTON – The U.S. Department of the Treasury and the Internal Revenue Service today announced that Social Security...
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