Basit Siddiqi, CPA

Does your CPA talk to you about deducting travel related costs?

Below is an article that I wrote that discusses deducting travel related costs if you are planning to attend BP Con 2021.

BP Con 2021: Making Business Travel Deductible — Basit Siddiqi CPA Business travel doesn’t need to wreck you wallet!

Real estate investors often spend large sums of money on their investments(real estate is expensive!).

The tax laws involving real estate are complex and are ever-changing.

I often find investors who come to me after having their prior accountant mess up their return(not calculating depreciation or giving incorrect advice regarding deferral tax strategies).

If you are spending a large sum on your investments, spend the time and protect your investment by finding the right CPA to work with.

I recently wrote an article on tips that you can use to find a CPA that specializes in real estate taxation.

Tips to Finding a CPA — Basit Siddiqi CPA The relationship with your CPA should be personal- here are some tips to finding the right one for you

Joe Biden recently released his tax return. Joe Biden is saving on Self-employment taxes with his S-Corp "Giacoppa Corp".
Please reach out to me how creating an S-Corp can save you on taxes.

View Joe Biden's tax return here -https://www.whitehouse.gov/wp-content/uploads/2021/05/2021.05.17-POTUS-Redacted-2020-Federal-and-State-Returns.pdf

The IRS on July 15 will start delivering a monthly payment of $300 per child under 6 and $250 per child 6 or older for those who qualify.
Current clients could reach out to me to learn more to see if they are eligible.

Schedule a call using the link below
https://calendly.com/basitsiddiqi/current-clients

There is new guidance from the SBA(Small Business Administration) that will provide grants to restaurants hard-hit by the Pandemic. Current clients can reach out to me to learn more.

This is an interesting article from the Journal of Accountancy that highlights the ability to take advantage of NOL's under the 2020 Cares Act.

Deducting losses in the CARES Act’s window For a limited time, taxpayers have flexibility for using net operating losses.

This is an interesting article from Accounting today that talks about the Trump vs biden policies on employment, health care and energy taxes

Election 2020: Trump vs. Biden on employment, health care and energy taxes Top 10 Firm Crowe has put together an at-a-glance guide to the candidates' positions.

This is an interesting article from CNBC which talks about the potential top tax rate for Joe Biden if he is elected.

Biden's tax plan could lead to combined rate of 62% for high earners Under the tax plan from Democratic presidential nominee Joe Biden, people earning more than $400,000 a year could pay combined federal and state income taxes...

November 21 is the new deadline for people who don't have a filing obligation to obtain the stimulus payment

Nonfilers have until Nov. 21 to apply for economic impact payment The IRS announced that it was extending the deadline from Oct. 15 to Nov. 21 at midnight for certain individuals to enter their information on the Non-Filers: Enter Payment Info Here tool on the IRS website to receive the $1,200 stimulus payment due to individual taxpayers.

The IRS has released final regulations on Meals and Entertainment. Not sure of what portion of your meals and entertainment is deductible - feel free to give us a call.

IRS issues final regulations on the deduction for meals and entertainment | Internal Revenue Service IR-2020-225, September 30, 2020 — The Internal Revenue Service issued final regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA).

Alabama residents are getting some IRS relief if they were impacted by Hurricane Sally

IRS announces tax relief for Hurricane Sally victims | Internal Revenue Service AL-2020-02, September 21, 2020 — Victims of Hurricane Sally that took place on Sept. 14 now have until Jan. 15, 2021, to file various individual and business tax returns and make tax payments, the IRS announced today.

There is an interesting article from Accounting Today which describes a bill that provides relief to California, Washington and Oregon.

Democrats introduce wildfire disaster tax relief bill A group of Senate Democrats introduced legislation to offer tax relief to individuals, businesses and states affected by catastrophic wildfires and other presidentially declared disasters.