Emil Estafanous

One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits so that team members can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employerRead More »Emil @ ZCPA explain how to education benefits help attract, retain and motivate your employees

If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the box Beginning with tax year 2022, taxpayers must check a box on their tax returns indicating whether they received digital assets as a reward, award or payment for property or services or whether they disposed ofRead More »Emil @ ZCPA: Tax news for investors and users of cryptocurrency

If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Therefore, if funds are paid as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensationRead More »Emil @ ZCPA wrote: 4 ways corporate business owners can help ensure their compensation is “reasonable”

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an important area and is too often overlooked when families start to put their affairs in order. Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives aRead More »Emil @ ZCPA: There’s a favorable “stepped-up basis” if you inherit property

If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic buildings. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building that’s also a certified historic structure. A qualified rehabilitated building is a depreciable building that has beenRead More »Emil @ ZCPA tips – Take advantage of the rehabilitation tax credit when altering or adding to business space

Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the actual returns indefinitely. But what about supporting records such as receipts and canceled checks? In general, except in casesRead More »Emil @ ZCPA: Paperwork you can toss after filing your tax return

The federal fuel tax credit recently made the news when it was referenced on the IRS’s most recent “Dirty Dozen” list of tax scams. However, the false fuel-tax-credit scam involves dishonest third parties telling individuals that they may qualify for the credit when, in fact, only certain businesses are eligible to claim it. One of those businesses might be your construction company. What’s the deal? The federal fuel tax isRead More »Emil @ ZCPA wrote: Your construction company may be able to claim the fuel tax credit

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended as an attractive alternative to “qualified” retirement plans, particularly for small businesses. The features thatRead More »ZCPA – Retirement saving options for your small business: Keep it simple

If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play in connection with such contributions. Basic rules Your deduction for a charitable contribution of art is subject to be reduced if the charity’s use of it is unrelated to the purpose or function that’s the basis for its qualification as aRead More »Emil @ ZCPA: The tax rules for donating artwork to charity

Construction companies continue to find themselves embroiled in a protracted battle for skilled labor. One fundamental way to recruit the best talent and retain valued employees is by offering competitive compensation and benefits. Let’s focus on the latter, which may also help lower your tax bill. Popular options to consider The term “benefits package” is widely used for a reason. One or two perks generally aren’t going to get theRead More »Emil @ ZCPA explain how to beefing up benefits may save tax dollars for construction businesses

Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win! Here are four tax advantages. 1. Shifting business earnings You can turn some of your high-taxed income into tax-free orRead More »Emil @ ZCPA wrote: The tax advantages of hiring your child this summer

When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more favorable than filing as a single taxpayer. For example, the 2023 standard deduction for a single taxpayer is $13,850 while it’s $20,800 for a head of household taxpayer. To be eligible, you must maintain aRead More »Emil @ ZCPA: Some taxpayers qualify for more favorable “head of household” tax filing status