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
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