Image from www.henssler.com Many business people don’t realize the tax benefits they’re passing up when they don’t take a deduction for 100% of their business meals, thanks to the new IRS rules. Thanks to COVID, for the calendar years 2021 and 2022, most business meals can be deducted at 100% versus 50%. Of… Continue reading How to Deduct 100% of Your Business Meals
Image from web.blockadvisors.com Before you deduct your travel expenses, it’s important to determine if they are truly business expenses or the IRS will consider it a personal day. There is a fine line between both and understanding the differences will ensure you file your taxes correctly. To be clear, we are talking about overnight business… Continue reading How to Claim Tax Deduction for Business Travel
Image from www.premieroffshore.com What would it be like to have the IRS owe you money? Great, right? While it seems too good to be true, there are ways to lower your tax liabilities so you pay the IRS less money. Here are the top ways to make it happen. Use the IRS Safe Harbor… Continue reading Last Minute Tax Deductions
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
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
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
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
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
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
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