Real Estate
An important part of estate planning is designating a power of attorney; however, the IRS will not discuss your taxes or identity with anyone without your authorization. Recently, the IRS has made it easier for taxpayers to quickly review, approve and sign power of attorney and tax information authorization requests through their IRS Online Account.
If you’re a small business owner just starting out, you may not realize that some rent expenses may be deductible on your tax return. Here are some things small business owners should keep in mind when it comes to deducting rental expenses:
The Tax Cuts and Jobs Act (TCJA) tax reform added new tax code Section 199A, which created a 20 percent tax deduction possibility for you if your rental property (a) has profits and (b) can qualify as a trade or business.
Safe harbor! It sounds wonderful.
Obviously, you are going to be comfortable in a safe harbor. And if you said you don’t want comfort, you might be thought of as a little loony.
You may sense that we are not jumping with joy about this new safe harbor for Section 199A rental property. It’s true; our joy quotient is a little low on this safe harbor because of the work involved.
Our feeling is that you did this work, so your property is a trade or business with no safe harbor needed. Of course, the safe harbor gives you comfort, so we need to examine what’s involved.
With the new safe harbor, the IRS thinks it is your new friend when it comes to claiming the Section 199A 20 percent tax deduction on your rental real estate profits.
Qualifying commercial and rental property owners who are interested in renewable energy projects—take note! You may qualify for significant tax credits or deductions through the new Inflation Reduction Act. Although the rules and details are quite complex, the benefits may be very worthwhile. Be sure to call our office for all of the qualifying information and details, but in the meantime, check out the opportunities below to see if any could be a fit for you.
Small Business Accounting We are a New York-based accounting firm that provides small business accounting services to clients in the New York metro area, all 50 U.S. states, and abroad. Through strategic tax planning, we help clients leverage the tax …
Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or similar means. You should also keep any receipts, canceled checks, and similar evidence for improvements or other additions to the basis.
In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to remember if you sell your home this year.
If you’re a savvy investor, you probably know that you must generally report as income any mutual fund distributions, whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax owed.
Don’t miss this episode of the Realty Speak podcast, featuring Bob Russo!
