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Pharr CPA Articles

Pharr CPA Articles

Didn’t Receive Your Stimulus Check? Here’s What To Do

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Were you eligible to receive the first or second stimulus check, but never received it? If yes, trust me when I say you’re not alone. Many Americans are falling into this category. The second stimulus check had until January 15th to get all the funds dispersed. So if you haven’t received your check by then, these are the steps you need to take.

Gifts and Taxes: The Sooner the Better

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While festivities may be somewhat dampened this year due to the coronavirus, the holiday season seems to foster a spirit of giving. This year might be a good time to indulge the spirit if you have the means to do so.

S-Corp Analysis

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After sitting with clients the last few weeks, I realized I have been discussing the same topic over and over. The reoccurring topic, how to structure your business? After going over the pros and cons of most business structures with clients, we have found most businesses will benefit from an S-Corp the most.

Vacation Home Rules for Losses

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Generally, if you rent out a vacation home to tenants while you’re not using it personally, you can deduct expenses to offset taxable income from the rental. This includes expenses such as mortgage interest, property taxes, repairs, utilities, insurance, etc. In fact, you may even be able to deduct a loss for the year if expenses exceed income.