Navigating the $150,000 Passive Loss Threshold: A CPA’s Guide
Imagine this: you’ve invested in a rental property to generate some extra income and build long-term wealth. But instead of profits, you’re facing losses in the early years. The good news is, the tax code allows you to deduct these passive losses (PALs) against other income – but there’s a catch. There’s an income threshold […]
Taxes on Personal Injury Settlements: A Comprehensive Guide
Experiencing a personal injury is challenging, and receiving a settlement can provide much-needed financial relief. But before you make plans for that money, it’s important to understand how taxes might affect your settlement. At XOA TAX, we’re here to help you navigate these details and make sure you’re informed about your tax responsibilities. Key Points […]
Understanding the Wash Sale Rule and Its Impact on Your Taxes (2024)
The wash sale rule can be a bit of a head-scratcher for many taxpayers. It might seem straightforward at first glance, but it can have a real impact on how much you owe come tax time. As CPAs, we at XOA TAX want to make sure you’re well-equipped to navigate this rule. So, let’s break […]
IRS Representation: Should You Go It Alone or Hire a Pro for a Tax Audit?
Receiving a letter from the IRS can feel like a punch to the gut. Suddenly, you’re facing a complex system, unfamiliar terminology, and the potential for financial penalties. Many taxpayers in this situation wonder, “Can I handle this myself?” At XOA TAX, we understand this impulse. There’s a wealth of information available online, and the […]
Unveiling the Mystery of Beneficial Ownership Information: What Businesses Need to Know
As your trusted advisors at XOA TAX, we often get questions about seemingly complex regulations. One topic that frequently pops up is beneficial ownership information. While it may sound like something only high-powered corporations need to worry about, understanding beneficial ownership information (BOI) is crucial for many businesses. Let’s break down this important concept and […]
Think You’ve Found a Tax Gray Area? Let’s Talk!
At XOA TAX, we’re dedicated to offering clear advice and helping you navigate the complexities of the tax code. As CPAs, we often hear folks mention those elusive “gray areas” in tax law—spots where the rules seem a bit hazy. It might feel like you’ve discovered a hidden loophole, but things aren’t always as they […]
