Dwayne Briscoe's (dbriscoe) Blog

Unfortunately, the 401(k) plan only went up $500 to $23,500 for 2025, so you need to possibly find other alternative options to find ways to save money on your taxes. Those individuals who are over 50 years of age are allowed to contribute an additional $7,500, which equals out to $31,000. This m...

In order to help employers avoid the pitfalls of the tax consequences of failing to correct these issues, the IRS has developed for some years now the Voluntary Classification Settlement Program (VCSP), paving the way for more taxpayers to take advantage of this low-cost option for achieving cert...

With the end of the calendar year fast approaching and the advent of 1099-NECs fast approaching, it’s important to have a refresher on what constitutes an Independent Contractor, as many are hired as such in the real estate and construction industry, but unfortunately there are many lines crossed...

A final suggestion of considerations business owners should consider having in place are: Transfer on Death DeedA transfer on death deed (TODD) does not affect any of your property rights during your lifetime. It only takes effect after your death. You can still sell the property, use it as colla...

Additional considerations that business owners need to have in place are: Durable Power of AttorneyA durable power of attorney refers to the handling of your finances, property, and investments, if you can no longer handle your financial affairs yourself. The need for this could negate the issue ...

Other considerations that business owners need to have in place are: Medical Power of AttorneyReferring to either as a medical or healthcare power of attorney, it’s determined as a legal document which allows you the opportunity to give someone the legal authority to make decisions regarding your...

Business owners often spend so much time focusing on starting, growing, and developing their business, they fail to plan in protecting it when they are no longer in control of their business.  Whether it’s at the point of selling it, they become physically or mentally incapacitated, or they are n...

Cost Recognition of Spec HomesRegardless of the taxpayer’s overall method of accounting, a taxpayer should capitalize the direct and indirect costs incurred in the construction of a house for speculative sale (including the cost of the land direct materials and direct labor). For tax years after ...

Homebuilders and Realtors Role with Spec HomesHomebuilders will purchase lots from a developer of a subdivision to build houses. The homebuilder may build some of the homes as speculative (spec) homes. Contractors build spec homes with the intent of finding a buyer after the construction of the h...

Schedule C Income Many professional realtors often will work for much larger organizations as independent contractors and get what’s referred to as a 1099-NEC (NonEmployee Compensation) Form in January of the following year to show they are not an employee of the company they’re working for. It’s...