Month: December 2018

How to Broker Better Tax Breaks on Rental Properties

How Real Estate Tax Law Can Help – or Hurt – Your Bottom Line

If you’re in the real estate business as a broker and own rental properties, there are critical real estate tax law stipulations that impact your tax posture.

Most importantly, how much time and money you spend on rental properties, and how those activities are categorized will influence whether or not you can take deductions on your tax returns – and how large those deductions can be.

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New Depreciation Deduction Benefits Business

Tax reform legislation passed in December 2017 included numerous changes that affect businesses this year. One of them allows businesses to write off most depreciable business assets in the year they place them in service. Here are five facts to …

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Depreciating Farming Business Property

Farmers and ranchers should be aware of changes in how they depreciate their farming business property. These changes took effect in 2018 as a result of tax reform legislation passed in December 2017.

Depreciation is an annual income tax deduction that allows a taxpayer to recover the cost or other basis of certain property over the time that they use it. When figuring depreciation, there are a number of factors that should be taken into consideration such as wear and tear and deterioration of the property, as well as whether it is now obsolete.

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Avoid these Five Common Budgeting Errors

When it comes to creating a budget, it’s essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them.

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Transition Rule for Rehabilitation Tax Credit

The Rehabilitation Tax Credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides a transition rule, which is summarized below:

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