You may have heard buzz about qualified opportunity zones (QOZs), an investment opportunity that allows you to defer taxes on reinvested capital gains and to exclude some of those gains permanently from taxation. What are these QOZs, and how do they work? We address the most common questions in this post.

In our last post, we discussed ways to grow an income stream into a business for tax purposes so that you can deduct your expenses. One of the strategies is to register with the state as an LLC or partnership. Another is to follow the state’s rules about licensing and taxation. This post will look more closely at these topics.

While we might view the growth of a hobby into a business as a natural, gradual process, the IRS considers the two to be distinct and has different rules regarding the expenses associated with them.

There are many benefits to the sharing economy, and knowing what your goals, boundaries, and liabilities are before jumping in, can save you a lot of time and wasted resources.

One of the business-favorable provisions of the 2017 Tax Cuts & Jobs Act (TCJA) allows pass-through entities to deduct up to 20% of their qualified business income (QBI) from their taxable income. Since few people want to read that for themselves, we are summarizing it here in a question-answer format.