Killer Tax Credits for 2021

  Did you know you can hire employees for your Schedule C business, and you’ll get several tax credits as a result? If you offer any of the following, learn the tax credits you may be eligible to receive. Family Medical Leave – You can offer your employees paid time off to deal with family… Continue reading Killer Tax Credits for 2021

New Retirement Planning Tax Credits

Each year we get closer to our retirement, giving us less and less time to make sure we have plenty of money saved up for our golden years. Retirement planning can be a very valuable tool when it comes to tax planning and wealth building. Here are some additional tax benefits: Claim the Retirement Plan… Continue reading New Retirement Planning Tax Credits

Simple But Vital Tax Saving Strategy for Real Estate Agents

  If you’re a real estate agent, you’re likely self-employed, which means you’re responsible for both sides of the taxes. The self-employment tax is 15.3%, versus the 7.65%, W-2 employees pay with the other half being paid by their boss. When you are paid as an independent contractor (1099), you are both the employee and… Continue reading Simple But Vital Tax Saving Strategy for Real Estate Agents

Use Depreciation Wisely and Save Big on Taxes

Image from www.dummies.com Did you know that if you own a business and buy a business property, you may be able to take depreciation deductions on your taxes IF the property is used for business purposes? There is a distinct difference between personal and business property. Personal property can look the same as business property,… Continue reading Use Depreciation Wisely and Save Big on Taxes

Killer Tax Saving Strategies for S-Corp Owners

Image from www.sumopayroll.com 1.    Employ your Child When you employ your child, the S Corp must pay payroll taxes on the wages you pay to your child. However, the child won’t if you pay him/her $12,000 or less per year. You aren’t required to file taxes if you make less than $12,000 which means a… Continue reading Killer Tax Saving Strategies for S-Corp Owners

Turn Your Rental Property into a Cash Cow

Image from www.tylercauble.com   What if you could take depreciation faster than 27.5 or 39 years on your real estate investments? It will surely help your bottom line, right?  A cost segregation study can significantly improve your chances of front-loading deprecation deductions by breaking your building up into different categories.  Land isn’t depreciable, so we’ll eliminate that from the equation right away. But, then you have equipment, furniture and qualified improvements… Continue reading Turn Your Rental Property into a Cash Cow

Crucial Tax Considerations for Real Estate Investors

Image from www.inman.com    Are you a Real Estate dealer or investor? Here are few aspects to consider: Buying properties periodically, fixing them up, and selling them makes you look like a dealer. But when you seldom do this , then you can qualify as an investor and hence get favorable tax treatment. If you… Continue reading Crucial Tax Considerations for Real Estate Investors

Error on Your Tax Return? No Worries!!!

Picture from www.henssler.com Did you discover errors on your tax return? I know how frightening it can be, but fortunately, it’s not as hard to fix as you think.   If you catch the error before the IRS tax due date or the IRS extended due date (October 15), you can file what’s called a… Continue reading Error on Your Tax Return? No Worries!!!

Killer Tax Saving Strategies from Covid

Image from www.nstp.org   The Delta variant continues to put Americans at risk, and the government is highly encouraging all employers to mandate the vaccine. While the mandate itself is controversial and a matter of personal opinion, there are ways you can help your employees without mandating the vaccine. The federal government offers assistance to… Continue reading Killer Tax Saving Strategies from Covid