Image from https://landlordgurus.com/ Are you thinking about selling a commercial or rental property? Did you know there are ways to avoid paying capital gains on your profits? Many real estate investors and business owners aren’t aware of this and end up paying unnecessary taxes. So I’m going to share with you a couple of… Continue reading Tax Implications of Selling a Rental Property
Image from https://gocleancredit.com/ The housing market won’t be the same as in the last few years. Many experts predict housing prices will decrease by as much as 10% by 2024. This could be bad news for homeowners who borrowed a lot to buy their home, leaving them upside down (owing more than the home’s… Continue reading What is a Short Sale
Image from www.investorjunkie.com Investing is a smart decision to prepare for your future, but your tax liabilities can deplete your earnings if you aren’t careful. However, you can use some simple tax strategies to offset your tax liabilities and keep more money in your pocket. In addition, understanding the tax rules will help you make… Continue reading TAX TIPS FOR STOCKS
Image from www.brookings.edu Did you know that you pay capital gains taxes when you sell an investment property? Did you also know that you could offset or defer the taxes in certain situations? There are two ways to defer the capital gains tax: a Section 1031 like-kind exchange or a qualified opportunity zone… Continue reading Tax Planning for Capital Gains
Image from https://riveron.com/ The CARES Act created many benefits for employers, including the Employee Retention Credit. This credit gives small and medium-sized businesses up to 50% of the wages paid to employees. The wages must have been paid during the pandemic. The maximum a business can receive is $26,000 per employee, and it’s a… Continue reading How to File for Employee Retention Credit
Image from www.nanoe.org The Employee Retention Credit (ERC) is a tax credit for business owners that you shouldn’t overlook. It requires you to reduce your payroll income tax deductions, but a tax credit is better than a deduction, so it’s worth understanding. Many business owners get a $5,000 credit for 2020 and a $21,000 credit… Continue reading CLAIM YOUR EMPLOYEE RETENTION CREDIT
Image from https://www.capaldireynolds.com The new Inflation Reduction Act may be more beneficial than you think. For example, if you drive an electric vehicle for business, you might benefit more than you realized. The new law has restrictions on electric vehicles used for personal use. For example, the new law called the clean vehicle credit… Continue reading Updates on Electric Vehicle Tax Credits
Image from https://www.vidyard.com/ You’ve likely heard the advice to put your real estate in a corporation. Maybe you’ve even attended real estate seminars offering the same advice. Unfortunately, a lot of people believe it’s the way to go. However, there’s one big reason you should never do this. Here’s why. You’ll Likely Pay more Taxes… Continue reading Why you Shouldn’t Put Rental Real Estate in a Corporation
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