Posts Tagged "Tax Planning"


Updated PPP Rules

Updated PPP Rules


Posted By on Jan 8, 2021

The new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pockets if you have or had PPP money.   Before we go further, please note the PPP money comes to you in what appears to be a loan. We say “appears” because you typically pay back a loan.   Done right, however, the PPP loan is 100 percent forgiven. The word “loan” makes some businesses leery of this arrangement. Don’t be. The PPP...

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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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The Tax Cuts and Jobs Act (TCJA) tax reform added new tax code Section 199A, which created a 20 percent tax deduction possibility for you if your rental property: (a) has profits and (b) can qualify as a trade or business. The current tax law as now stands, with rentals that achieve trade or business status, you win. When you achieve the “business-status” rental property, it will create the following five possible tax benefits for...

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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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The good news is that you can be both real estate investor and real estate dealer with respect to your real estate portfolio. The next good news is that you are in control, and by knowing just a few rules about dealer and investor classifications, you can do much to increase your net worth. Both Disadvantages of Being a Real Estate Dealer Profits on dealer sales are generally subject to taxes at both ordinary income rates of up to 37...

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