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What to Consider When Buying a Vacation Rental Property

As Americans look to save money on vacations, one of the best alternatives is to book a stay at a vacation home rental. Short-term rentals can save travelers on lodging and food expenses while offering a nice place to relax in-between activities. These factors, combined with the influx of remote …

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September 15 Tax Deadline Approaching

September 15 marks an important deadline for S corporation and partnership income tax return filing as well as estimated tax payments for individuals, estates, trusts, and C corporations.   Federal income tax returns for S corporations (Form 1120S) and partnerships (Form 1065) on extension must be filed on or before …

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Spiegel Team Week: Unite, Excite and Ignite!

July was an epic month for Spiegel! We successfully hosted our first all-employee, in-person event that spanned five days of team bonding, collaboration, education, leadership and, of course, fun!   Spiegel has always been a small firm, attracting those who feel they are best suited for an organization with a …

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Reporting of Foreign Bank and Financial Accounts and Foreign Financial Assets

Income from foreign accounts is taxable and the account balances must be reported by filing a Report of Foreign Bank and Financial Accounts (FBAR), while foreign financial assets require disclosure via the filing of a Statement of Specified Foreign Financial Assets.   Report of Foreign Bank and Financial Accounts   …

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Time to File Extended Returns

With Summer here, most people are thinking of vacations, staycations, relaxation and… procrastination when it comes to filing taxes. However, the latter can lead to big headaches when suddenly September and October arrive with the realization that the time to gather and submit tax data is now.   Important Dates …

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June 15 Deadline for Passthrough Entities

June 15th marks the deadline to make the first of two Passthrough Entity (PTE) elective tax payments for qualifying PTEs. Qualified entities can make an election to pay a passthrough entity tax equal to 9.3% of its qualified net income. This tax is deductible on the federal entity return and …

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Cutting Tax Ties with California

For the first time in many years, long-standing residents are leaving California. According to the California State Department of Finance, the population declined by 173,000 between July 1, 2020 and July 1, 2021. This departure trend began in 2020, as many Californians headed for Texas and other western states. The …

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Reporting Crypto for Tax Purposes

The number of people investing in cryptocurrency is increasing as more investors become familiar with how this asset functions, may be acquired, held as an investment asset, or used in purchase transactions. Cryptocurrency, or what the IRS calls Virtual Currency, is a digital representation of value, aside from the U.S. …

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The Benefits of Filing a Tax Extension

Millions of taxpayers file for an extension each year, and for good reason. Filing an extension comes at no cost or penalty and provides up to an extra six months to complete the tax return filing process. There are additional benefits and considerations for taxpayers to keep in mind as …

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California Expands Passthrough Entity Elective Tax

California legislature recently passed SB 113, modifying the state’s elective tax on passthrough entities (PTE). The signing of this much anticipated bill makes taxpayer-friendly adjustments to the existing PTE tax law beginning (retroactively) on January 1, 2021, through January 1, 2026. In doing so, California joins the list of other …

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Meals and Entertainment Deductions for 2021-22

The deductibility of meals and entertainment expenses for business purposes changed, temporarily, as part of the Consolidated Appropriations Act (CAA) signed into law on December 27, 2020. Certain food and beverages expenses incurred during the 2021 and 2022 calendar year will be 100% deductible if purchased from a qualifying restaurant. Under Notice …

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2021 Tax Preparation & Updates

As the 2022 filing season rapidly approaches, taxpayers should be aware of federal tax law changes and updates that will affect individual 2021 income tax returns. For the 2021 tax year, tax rates remained the same; however, the federal government made certain changes to the income tax brackets to account …

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