Normally, rental income is just like any other income, and you have to pay income taxes on it. But a little-known loophole in the tax law completely excludes certain amounts of rental income from your income taxes. And you don’t have to worry about reporting the...
Yes, a US LLC can be owned entirely by foreign persons. The state of Florida is one of the most common states used to incorporate and in Florida the taxes, management costs and formations costs are usually less than in many other jurisdictions. Since Florida, and...
The 2016 tax season brings new due dates that will impact nearly all filers, mainly because of changes related to legislation Congress passed. The due date changes with the most impact will likely be those changes for Partnership tax returns (Form 1065) and C...
As the end of the year approaches, it’s a good time to think of planning moves that will help lower your tax bill for this year. One strategy that will provide big tax deductions is purchasing a vehicle. If you’re looking for a replacement business car, SUV, van, or...
Before you decide to rent a room in your home to your corporation, read along to avoid a huge and costly mistake. If you operate your business as a corporation and you have a legitimate office in the home, you have three basic ways to claim the deduction. Doing it...
Your building, whether it’s rental property or your office, likely can put more cash in your pocket if you act. You can do this right now—with a building you already own, a building you plan on buying, or a building you are renovating. In this article, we show you...