Recently it feels like changes to legislation are coming out of Washington every day, and here at Visibility CFO & Tax Advisors we have been eagerly watching for what impact new legislation will have on federal taxes. This week (on Tuesday, February 25th) the House of Representatives narrowly passed a budget resolution that proposes $4.5 trillion in tax cuts (alongside a $2 trillion reduction in federal spending over the next decade).

As a real estate professional, you work hard to build wealth and maximize your investments. But are you leveraging the best tax strategies to keep more of your earnings? At Visibility CFO & Tax Advisors, we help real estate agents, investors, and brokers implement smart tax planning strategies that minimize liability and maximize savings.

Managing taxes can be challenging as a sole proprietor! By taking advantage of available deductions and credits you can significantly lower your taxable income- but knowing if you qualify, planning ahead and keeping compliant records isn’t always top of mind with everything else you have to do while running a business.

A Fifth Circuit Court of Appeals ruling on Monday December 23rd has now lifted the December 3rd injunction against the Corporate Transparency Act (CTA) and its reporting requirements, reinstating the initial deadline for filing beneficial ownership information (BOI) reports. The Financial Crimes Enforcement Network (FinCEN) has extended the deadline for most reporting companies to file BOI reports to January 13, 2025.

Large capital gains or significant losses to income in a year can dramatically alter your tax liability. These financial changes can affect tax brackets, eligibility for deductions and credits, and other critical aspects of your tax return. Here’s what you need to know to navigate the tax implications effectively.