Tax Advantages


Most people are unaware that rental real estate gets more tax deduction benefits than almost any other investment. If you do not take full advantage of tax deduction benefits, it can actually mean the difference between having a loss or a profit from your rental investment property. Tax deductions are meaningless if you do not take advantage of them like you should. What are some of the top tax deductions? In no particular order of...

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Last Minute Tax Changes

Last Minute Tax Changes


Posted By on Dec 31, 2019

While many people were busy with the holidays preparations, on December 20th President Trump signed into law the Further Consolidated Appropriations Act (H.R. 1865), which included several bills. The 715 pages included two major tax bills – the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) and the Taxpayer Certainty and Disaster Tax Relief Act (the “Disaster Act”, for short) of 2019. The Disaster Act Note that...

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In Notice 2018-76 issued in October 2018, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act. This is very good news indeed. Under this new IRS guidance, you may deduct 50 percent of your client and prospect business meals if: 1. the expense is an ordinary and necessary expense under Internal Revenue Code (IRC) Section 162(a) that is paid or incurred during the taxable...

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Last week, someone approached me with this situation, “I closed my S corporation with the state in 2017. However, during 2018 I’ve had unexpected expenses from the defunct S corporation. I paid those expenses from personal funds. Where can I deduct those expenses? You should have seen his face when I told him that he was out of luck. Neither he nor the S corporation can deduct those expenses. No Deduction for the S Corporation...

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  The recent tax reform, known as the Tax Cuts and Jobs Act (TCJA), added some good benefits to your real estate rentals, both commercial and residential. Notably, your qualified business income from your real estate rentals creates a possible 20 percent tax deduction with no effort on your part. And if you want less taxable income, the TCJA gives you enhanced bonus depreciation and new avenues for Section 179 expensing.  ...

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