Image from https://plotpath.com Your Chart of Accounts can make or break your financial planning. Make it too simple, and you won’t have enough information. But, if you make it too complex, you will get overwhelmed and unable to make the right decisions. So how do you create the best Chart of Accounts? Here are five… Continue reading How to Create a Useful Chart of Accounts
Image from http://www.stanstaxservice.com Have you ever wondered if there was such a thing as tax-free income? You know you’re supposed to claim every dollar you make, but aren’t there ways to legitimately make tax-free money? There are many, possibly more than you think. Here are a few ways you can make tax-free income. If you… Continue reading TAX TIPS – QUICK & SHORT
Image from www.themdhometeam.com If you classify yourself as a real estate professional on your tax returns, taking appropriate tax deductions, you must have a record of your time spent on the activities. In other words, you must be able to prove you spent the time required to be eligible for the deductions. Fortunately, the qualifications… Continue reading TAX TIP FOR REAL ESTATE PROFESSIONALS
Image from https://plumlending.com Did you know you’ll pay taxes if you own an investment property and sell it for a profit? Did you also know that you could defer those taxes by doing a Section 1031 transaction? It sounds so formal, but all it means is that you use the funds from selling the… Continue reading 1031 Exchange and Taxes
If you use your home as a vacation rental and personal use, you have a tax-code-defined vacation home. This basically means you use your home for personal and business use. The rules are simple if you use it for one or the other. But when you combine uses, your tax situation gets more complicated. Here’s… Continue reading Vacation Home Taxes
Image from https://fct.ca Investors turn to real estate to diversify their portfolios and earn capital gains. This is because real estate can be an excellent tangible investment that turns into high capital gains. The expenses of owning real estate, though, can offset those profits. However, taxes can significantly reduce your profits on your investment properties.… Continue reading How to Save Taxes on Investment Properties
Image from https://monocounty.ca.gov/ Building Wealth with Short-Term Rentals Real estate is a great way to diversify your portfolio and increase your net worth. However, if being a landlord doesn’t appeal to you, consider short-term rentals. While there’s still work involved in maintaining the property, you control when the property is available and what amenities you… Continue reading Building Wealth with Short Term Rentals
Image from https://agiled.app Depreciation is a term you’ll want to know and understand if you own a rental property. It’s one of those rare deductions you get without spending another dime other than what you paid to buy the property. You can also take a depreciation deduction every year you own the property, even… Continue reading How Depreciation Works
Image from https://realwealth.com/ If you own a home that you rent out, but also use personally, you may be able to take certain tax deductions if it qualifies as a rental property. To qualify as a rental property, you must rent the home out for at least 14 days throughout the year, and you must… Continue reading Tax Tips for Vacation Home Rentals
Image from https://www.picnictax.com Cryptocurrency is a popular way to invest today, but too many taxpayers aren’t reporting it correctly on their tax returns. Even though crypto isn’t actual money, it is property much like gold. When you use crypto, just like any other commodity, it may incur taxable income. According to the IRS, millions… Continue reading Tax Reporting For Crypto