Doing taxes requires a lot of time and effort. While individuals and businesses can save some money by handling their taxes themselves, it can also be risky. If someone files their taxes inaccurately, they can face tax audits, penalties and, in some cases, imprisonment. It is always better to let an expert handle tax matters.… Continue reading Top 5 Reasons for Hiring a CPA
That property that you are renting out, which may be a cottage, condominium, lake house or beach house, ski resort, a cabin in the countryside, or similar property, has unique tax attributes if you rent it for an average rental period that is seven days or less and you hold 5% or more interest in the property.… Continue reading Tax Benefits for Short-term Rentals (Airbnb & VRBO)
We all owe taxes – it’s the law, but there are plenty of legal ways to minimize your tax obligations so you aren’t handing everything over to the IRS. While there aren’t many opportunities for double tax savings – when you combine the benefit of a principal residence and the Section 1031 like-kind exchange.… Continue reading How to Take Advantage of Double Tax Savings on your Home
If you own a real estate investment business, you may be missing out on one of the largest tax write-offs – a home office. Most people recognize the need for a home office when you work from home or run a business from home, but many real estate investors overlook the need for an office… Continue reading One of the biggest tax deductions for Rentals
