GoJo Accountants LLC

01/29/2025

📢 Maximize the Tax Benefits of Your Rental Real Estate 📢

Owning rental real estate can be a powerful wealth-building tool, but navigating the tax implications can feel like a maze. The way you set up and operate your rental properties can significantly impact your tax position, so thoughtful planning is essential.

Here are a few important considerations for optimizing your rental real estate strategy:
✔ Short-Term vs. Long-Term Rentals – Understanding the different tax rules that apply and how they impact deductions and reporting requirements.
✔ Material Participation – Determining whether your rental income is considered passive or active for tax purposes.
✔ Real Estate Professional Status (REPS) – Qualifying for tax benefits that allow rental losses to offset other income.
✔ 1031 Exchanges – Deferring capital gains taxes by reinvesting proceeds into a like-kind property.
✔ Cost Segregation Studies – Accelerating depreciation deductions to improve cash flow.
✔ Business Tax Entity Structuring – Choosing whether to be taxed as a sole proprietorship, partnership, S corporation, or C corporation to optimize tax efficiency.

At GoJo Accountants, we help real estate investors make tax-advantaged decisions that align with their financial goals. Whether you're just starting out or looking to expand your portfolio, our team is here to guide you every step of the way.

Contact us today to discuss how we can support your rental real estate journey! GoJoAccountants.com

01/06/2025

If you gifted anyone more than $18,000 in 2024, you may need to file a gift tax return—even if no tax is due. Accurately filing helps avoid penalties and keeps track of your lifetime gift and estate tax exemption. 🎁

You can preserve generational wealth by strategically using your annual exclusion and lifetime exemption to reduce taxes on your estate. 💡

Need help with gift tax filings or estate planning? Schedule a free virtual consultation with GoJo Accountants today! GoJoAccountants.com 🔗

12/06/2024

We’re excited to share that Gio Bartolotta, CPA, partner at GoJo Accountants, was a guest on the Modern Family Finance Podcast! 🎙️

In this episode, Gio dives into tax strategies for high-income earners, breaking down key tips and actionable advice to help you better navigate your tax planning and make smarter financial decisions. Whether you're a business owner, an investor, or a high earner looking to optimize your tax strategy, this conversation is packed with value!

Check out the full conversation on YouTube: https://youtu.be/NKnuZXGXjw0?si=E8-cC8JY343eRxyy

Have questions or want to explore tax strategies tailored to your needs? The GoJo Accountants team is here to help!

View show notes here: https://bit.ly/tax-strategies-for-high-incomeSign to up receive Jenni’s email newsletter: https://www.modernfamilyfinance.com/download-...

05/13/2024

If you receive a 1099-NEC at the end of the tax year, then you are self-employed! 📝

You are responsible for paying the following taxes:
✅Federal Income Tax (graduated tax dependent on your total income)
✅Federal Self-Employment Tax (15.3% of net self-employment income)
✅Applicable State & Local Taxes

No tax is withheld from your compensation, so it is important to make quarterly estimated tax payments to avoid underpayment penalties. 💸

Schedule a free consultation today to discuss the benefits of an estimated tax calculation and see if it's right for you. GoJoAccountants.com 🔗

11/15/2023

Schedule a free virtual consultation with GoJo Accountants today to learn how you can benefit from an estimated tax calculation! GoJoAccountants.com 🔗

If you have capital gains, passive income, equity compensation, or self-employment income, you may be required to make estimated tax payments. 💵

Avoid underpayment penalties and financially plan for tax balances due with an estimated tax calculation. ✔️

09/26/2023

REMINDER: The Extended Filing Deadline for Federal Individual Tax Returns is October 16th, 2023 🔔 GoJoAccountants.com

07/19/2023

Add tax planning to your summer to-do list! 📝

Tax savings are made by planning ahead. 💲

If you...

✅ Are buying/selling property
✅ Have equity compensation
✅ Have passive income streams
✅ Are self-employed
✅ Want to maximize your retirement savings
✅ Are planning to start a business

You can benefit from tax planning! 🥳

Schedule your free consultation with GoJo Accountants today to learn more about how tax planning can help you meet your financial goals. GoJoAccountants.com 🔗

07/04/2023

Happy Fourth of July! 🎆

GoJo Accountants wishes everyone a safe and happy Independence Day! ⛱️

03/01/2023

Do you have equity compensation from your employer? 🙋

Avoid costly tax mistakes by working with the CPAs at GoJo Accountants! 🚫

We provide tax preparation and consulting services regarding your equity compensation. 📈

Possible Tax Impacts of Equity Compensation:

☑️ Alternative Minimum Tax
☑️ Additional Medicare Tax
☑️ Net Investment Income Tax
☑️ Capital Gain Basis Adjustments
☑️ Higher Marginal Tax Bracket

Types of equity compensation include:

✅ Incentive Stock Options (ISO)
✅ Restricted Stock Units (RSU)
✅ Non-Qualified Stock Options (NSO)
✅ Employee Stock Purchase Plans (ESPP)
✅ Restricted Stock Awards (RSA)
✅ Performance Share Units (PSU)

Schedule a free consultation with GoJo Accountants today! Linktr.ee/gojoaccountants 🔗

02/01/2023

🚨 2022 Business Income Tax Return Deadlines 🚨

📅 Due March 15th, 2023
☑️ S-Corporation (Form 1120-S)
☑️ Partnership (Form 1065)

📅 Due April 18th, 2023
☑️ C-Corporation (Form 1020)

If you have not yet contacted your tax preparer for your 2022 business income tax returns, it is important to do so ASAP!

Schedule a free consultation with GoJo Accountants to get started on your business returns today. Linktr.ee/gojoaccountants

*NOTE: All due dates are for businesses operating on a calendar year basis

01/25/2023

The U.S. imposes a graduated tax scale for federal individual income tax. This means that each portion of an individual's income is taxed at a different rate. 📊

Low-income taxpayers pay lower tax rates than high-income taxpayers. 📈

The below example shows the 2022 tax year marginal tax rate brackets for a single filing status. ℹ️

REMINDER: Self-employment income is subject to the 15.3% self-employment tax IN ADDITION to income tax 🚨

01/18/2023

Don't miss out on the higher education deductions and credits you are entitled to! 📢

DEDUCTIONS:
☑️ Student Loan Interest Deduction - up to $2,500* in student loan interest paid can be deducted annually

CREDITS:
✅ Lifetime Learning Credit - up to $2,000* any year the AOTC is not claimed for the same student

OR

✅ American Opportunity Tax Credit (AOTC) - up to $2,500* per student for each of the first 4 years of post-secondary education

*All deductions and credits are subject to AGI limitations

If you want to maximize your higher education deductions and credits, schedule a free consultation with GoJo Accountants today! GoJoAccountants.com