1099 vs. W2: Understanding the True Cost of Employment
This blog post clarifies the critical differences between 1099 independent contractors and W-2 employees, detailing the true costs of each, including taxes, benefits, and legal risks, with a focus on California’s ABC test.
Form 926: Navigating Property Transfers to Foreign Corporations
Understand IRS Form 926 requirements for transferring property to foreign corporations, including who needs to file, exceptions, penalties for non-compliance, and crucial supporting documentation.
Maximize Your Business Savings: Your Guide to Section 179 Deductions for Vehicles in 2024-2025
Maximize your business’s tax savings in 2024 by understanding and utilizing Section 179 deductions for vehicles, including bonus depreciation and the expanded benefits for used electric vehicles.
CPA vs. TurboTax: When to Invest in Professional Tax Help
This guide compares using a CPA versus TurboTax for tax preparation, outlining the pros, cons, and costs of each to help you decide which method best suits your financial situation and complexity.
Understanding Profit Interest Units: A Deep Dive for Equity Holders
Profit interest units (PIUs) offer a share in future company profits, presenting tax advantages but also requiring careful planning, including potentially crucial 83(b) elections.
Unlock Tax Savings in Your Property: A Guide to Cost Segregation
Unlock significant tax savings and boost your property’s cash flow with cost segregation, a strategic tax strategy that accelerates depreciation and maximizes deductions.
Common Misconceptions About Bulk Sales Tax
This blog post clarifies common misconceptions about bulk sales tax, including the nature of the tax, liability responsibilities, and the implications of successor liability, offering essential tips for navigating this complex area.
Selling Your Business Property? Understanding Your Bulk Sales Tax Obligations
Understand your bulk sales tax obligations before selling your business to avoid personal liability and ensure a smooth transition.
Year-End Tax Strategies: A Smart Business Owner’s Guide to Saving Money
The holidays are approaching, and while you’re busy making plans for festive celebrations and well-deserved time off, don’t forget about your year-end tax planning! At XOA TAX, we believe that a little proactive planning can go a long way in maximizing your tax savings. Think of us as your friendly financial coaches, here to guide […]
What Do IRS Auditors Look For? Using ATGs to Avoid Tax Audits
Hey everyone, it’s XOA TAX, your trusted source for all things tax-related. Ever wished you could peek behind the curtain and see what IRS auditors are looking for when they review tax returns? Well, you actually can! The IRS publishes Audit Techniques Guides (ATGs) that provide valuable insights into their audit procedures for specific industries […]
