Gordon Law Group

Own a small business? You might be missing a 20% tax deduction and not even know it. Let’s talk about the QBI deduction, and how business structure plays a big role. The Qualified Business Income (QBI) deduction allows eligible business owners to deduct up to 20% of their net income—before other deductions. It applies to most pass-through entities: ✅ Sole proprietors ✅ LLCs ✅ Partnerships ✅ S-corps But here’s the catch: The QBI deduction phases out if your income is too high. In 2024, that threshold is: 🔹 $232,100 (single filer) 🔹 $464,200 (married filing jointly) Above that? Your entity structure and compensation strategy matter. How you pay yourself—and how your business is taxed—can make or break your eligibility. With the right planning, we’ve helped clients: ✔ Restructure their business for better deductions ✔ Reduce taxable income ✔ Qualify for QBI when they were previously ineligible Gordon Law helps entrepreneurs structure smarter and reduce tax liability—legally. If you’re unsure whether you’re taking full advantage of the QBI deduction, now’s the time to review.

⏰ Still need to file your LLC taxes? Here's what you need to know before the deadline. LLCs can be taxed in different ways—sole proprietorship, partnership, S-corp—and each one comes with its own filing rules and deadlines. If you missed a required filing or didn’t know you needed to file at all, the penalties can add up quickly. The good news? You still have time to get caught up and minimize the damage—but not much. LLC taxes can be confusing, but this guide will help you understand your requirements!

Staking crypto might be simple. But the taxes? Not so much. Here’s what you need to know about how staking rewards are taxed—and why it’s one of the top mistakes we see. Let’s start with Proof of Stake (PoS): 📍 Staking rewards = ordinary income 📍 You’re taxed based on the fair market value when you gain control (not when you sell) 📍 Later sale = capital gain or loss Many people forget the income tax part entirely. ----- Now let’s talk DeFi staking—which gets even messier. Depending on the platform, rewards might be: 📍 Regular token deposits → taxed as income at time of receipt 📍 Placeholder tokens (like cETH) → that swap alone could be taxable 💡 In both cases, tracking the timing and value of every reward is key. If you wait until April to figure it out, you’re going to have a bad time—especially if your platform didn’t send a 1099. We've helped more than 1,000 crypto investors stay compliant, reduce their tax bill, and avoid nasty surprises. Got staking income? Let’s talk.

Someone filed taxes using your SSN? Don’t panic—but don’t ignore it. Tax-related identity theft is serious, and the IRS has a process for handling it. Here’s what to do next:

Behind on your books? You’re not alone—and you’re not out of time. But you can’t file accurate taxes with missing records, unreconciled accounts, or DIY spreadsheets full of guesses. The good news? Catch-up bookkeeping is possible—and it could save you from IRS headaches (and overpaying). Here’s how to get tax-ready:

💡 You don’t need a secret Swiss account to trigger FBAR reporting requirements. If you had $10,000+ in foreign accounts at any point last year, you probably need to report it. Here’s what counts (and what can get you in trouble): FBAR applies to more than just traditional bank accounts. You may need to file if you had: • Non-U.S. retirement accounts or mutual funds • Foreign business accounts you control • Joint family accounts abroad • Offshore trusts or investment vehicles The penalties for noncompliance can be steep: ♦️ Up to $10K per violation (even if it’s unintentional) ♦️ Criminal penalties if the IRS thinks it’s willful This isn’t just for billionaires. A lot of everyday investors and business owners are affected. Need help reviewing your exposure? That’s what we do! We help investors file correctly, avoid penalties, and clean up old issues with minimal stress. Get in touch to discuss your options.

Now’s the Best Time to Fight Your IRS Audit! With the IRS undergoing a massive shakeup, it’s the PERFECT time to fight back if you’re already facing an audit. Why? Because the IRS is stretched thin and losing ground on enforcement. If you’re in the middle of an audit or worried about one, NOW is your chance to push back harder than ever and get the best possible outcome. At Gordon Law, we’re fired up and ready to take advantage of this moment to protect your assets and your rights. Here’s how we can help you seize the opportunity: Aggressive Defense: With the IRS in disarray, it’s time to hit back hard and challenge their findings. Strategic Negotiation: Use this rare chance to negotiate from a position of strength and reduce your liability. Peace of Mind: Stop losing sleep over an audit. We’ll take the pressure off and handle everything for you. The IRS may be weaker right now, but that doesn’t mean you should go it alone. Let us put our experience to work and help you make the most of this situation. Give us a call today to discuss your case and see how we can help you fight back and WIN! https://lnkd.in/gDqvyRnX #AuditDefense #TaxLaw #FightBack #WealthManagement #GordonLaw #IRS #TaxAudit

What type of crypto transactions do you need to report to the IRS?

Crypto earnings generally fall into two main categories for the IRS: capital gains or ordinary income.

Crypto taxes can be complicated and may require help from an expert!