taxes: Achieving Homeownership with Mortgage Interest Credit - 02/05/22 10:26 AM
There are so many things hidden in the fine print, but it takes someone willing to point you in the right direction for you to benefit.  As I was refreshing my knowledge on home deductions, I ran across the Mortgage Interest Credit.  In reading the details, I thought, I sure wish someone had shared this information with me when I was a struggling single parent purchasing my first home.  None the less, here is a summary of the Mortgage Interest Credit.
The Mortgage Interest Credit is a credit designed to help lower-income individuals achieve homeownership.  This credit is available to first-time homebuyers … (0 comments)

taxes: Renting Real Estate to Yourself Through Your Business - 01/10/22 09:19 AM
This week’s title is a bit misleading just like those ads trying to convince you to sign up for a class to show you how to do it.  Someone thought to monetize a way for you to save on taxes by comparing your tax situation to the likes of Jeff Bezos and Elon Musk.  The stink is in the details.  Let me save you some money on the front end and give you some free tax knowledge.    
There is a rule that allows you to rent your home for up to 14 days.  The income does not have to be reported … (0 comments)

taxes: Should My Business Be An S-Corp? - 01/05/22 08:43 AM
I love social media.  There are so many quasi-tax “gurus” out there that spur phone calls to my office.  The latest question spurred by the “gurus” is should my business select S-Corp tax status.  While the S-Corp election has its benefits, whether your business should select this status has a lot to do with how you operate the business daily.  Let’s look at some key questions to ask yourself before you make the commitment to go S-Corp.
Are your business and personal bank accounts separate?  If your business is any entity other than sole proprietor, it should have a separate bank … (0 comments)

taxes: Self-Employment & Taxes - 12/13/21 11:10 AM
One of the joys of being self-employed is becoming responsible for self-employment taxes.  Okay, clearly that was a joke.  No one is thrilled to pay taxes especially when it is an automatic 15.3% your net earnings.  Many clients are shocked the first profitable year in business to have the greatest gift Uncle Sam can give, a tax bill.
Self-employment taxes are the combination of the Social Security tax and Medicare tax.  As previously mentioned, the total tax is 15.3% of your net earnings from self-employment.  Just as if you were working for an employer, Social Security and Medicare taxes must be paid. … (0 comments)

taxes: I Owe Taxes! Now What? - 12/05/21 11:18 AM
If you are like many Americans, you were surprised to find out you owed taxes.  Considering 51 percent of Americans have less than three months’ worth of savings, owing the IRS can really be a burden.  So, what can you expect when you owe the IRS?  For starters, unlike other bill collectors, the IRS’ preferred method of contact is by mail.  Yes, I said mail.  Since you are aware you owe taxes, checking the mailbox and opening the mail is going to be important until the tax debt is paid.  The IRS will send a bill with a payment date up … (0 comments)

taxes: 3 Common Under Utilized Deductions of the Self-Employed - 11/14/21 10:12 AM
One of the most common questions asked this year from my self-employed clients was “Lequita, how can I reduce my tax bill?”  The answer was the same for most of the clients.  “There are some deductions we are not taking that we should consider for next filing season.  What most of the clients were missing were deductions that directly reduce the amount of taxable income.
Health Savings Account: Depending on the amount you spend annually on out-of-pocket medical expenses, it may be beneficial to explore opening a health savings account.  A health savings account is type of savings account that lets you … (0 comments)

 
Lequita Gray, I help people with tax debt. (Alexandria Louis Tax Solutions LLC)

Lequita Gray

I help people with tax debt.

Memphis, TN

More about me…

Alexandria Louis Tax Solutions LLC



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