We get this question at least twice a week for clients. “My friend’s CPA told them to buy a car under the company name in order to save taxes, why don’t you recommend it? Even better I’ve seen Tiktok and Youtube videos from Tax Experts about how buying a company car is one of the […]
Beware the Tax Shock: Why Business Owners Should Pay Estimated Taxes On Time
As the saying goes, there are only two certainties in life: death and taxes. For business owners, the latter can be especially daunting, and recent changes in IRS interest rates have made it even more critical to stay on top of estimated tax payments throughout the year. Failing to do so can lead to an […]
Virjee Consulting Names New Partner
Virjee Consulting is proud to announce effective August 1st 2023 Abbey Ali, MBA, EA being named Partner overseeing our Client Accounting Service and Tax Business. Abbey will take over take Tax department responsibilities over from Omar Virjee who will move fully into his role as CEO over seeing the management and strategic vision for the […]
How Business Owners Including Doctors Can Deduct Their Next Vacation
Doctors, like any other professionals, need time off to recharge and relax. However, finding a way to write off vacation expenses can be a smart financial move. By following a few strategic steps, doctors can maximize their tax deductions while still enjoying a well-deserved vacation. Let’s explore how this can be done. Step 1: Establish […]
SEP IRA as a Tax Savings tool for S Corp Owners
As a small business owner, saving taxes is always at the forefront of your mind. One of the most powerful tools available to S corporation owners is the Simplified Employee Pension Individual Retirement Arrangement (SEP IRA). SEP IRAs are a popular choice among S corporation owners due to their tax-deferred growth and high contribution limits. […]
Using 1031 Exchange Strategy to build Generational Wealth Using Real Estate
The IRS Code has a well kept secret that some real estate investors have used over the past decades to defer taxes and create generational wealth. This is called the Section 1031 Exchange. Section 1031 Exchange allows you to sell a piece of appreciated real estate and defer the taxes as long as invest the […]