Big Firm Capacity, Small Firm Personality

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John Pharr CPA

Big firm capacity. Small firm personality.

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Category: Blog

Deductions for Hurricane Loss

Tax Tips for Those Affected By Natural Disasters Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect people throughout the US. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike they not only cause wind damage but can cause widespread flooding. Many homeowners are not covered for damage due to flooding because most standard insurance policies do not cover flood damage. Fortunately, tax relief […]

10 Key Facts About Home Sales

Ten Key Facts About Home Sales In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. 1. Exclusion of Gain.¬†You may be able to exclude part or all of the gain from the sale of your home. This rule may apply if you meet the […]

Is It Time To Change From an S-Corp to a C-Corp?

Under U.S. federal income tax law, a C-Corp is taxed separately from its owners. Current tax reform proposals put forth by the incoming Trump Administration and the Republican House of Representatives would greatly reduce tax rates on C-Corps. Such a reduction could turn out to be the largest tax rate reduction in U.S. history. The change may motivate many companies to terminate their S-Corp elections or otherwise transfer their operations to C-Corps. How the Environment […]