Maximising Tax Benefits: Selling Your Home to Your S-Corporation
Converting your home into a rental property can be a strategic financial move. One effective way to enhance the tax benefits of this conversion is by selling your home to your S corporation. This guide explores the benefits, addresses common doubts, and outlines the steps to implement this strategy successfully. Benefits of Selling Your Home […]
Beneficial Change in IRS Policy: The Partial Disposition Election
The IRS has introduced a significant change in its repair regulations, offering a partial disposition election that benefits property owners when replacing a structural component, such as a roof, on their office building or rental property. Previously, replacing a structural component like a roof meant the old roof’s remaining depreciation continued on your books, which […]
TAX EXPERT EXPLAINS: Money Habits Keeping You Poor
Over the past decade, I have deeply immersed myself in finance, earning a finance degree, an accounting qualification, and pursuing a career in investment banking. One crucial skill I’ve developed is managing personal finances, identifying poor money habits, and overcoming them. In this discussion, I’ll share nine common bad money habits that can hinder financial […]
Rental Property Tax Depreciation FAQs
Rental Property as an Investment Owning rental property can be an attractive real estate investment for many due to the potential for rent collection and profits from future, long-term sales. The tax benefits associated with owning a rental property are also significant. Data shows that a considerable number of American tax filers reported rental income […]
The Short-Term Rental Tax Loophole Explained!
Have you ever wondered about the specific loopholes in the tax code that could significantly reduce your tax liability? There are indeed a few, and one of the most impactful involves real estate. This loophole can potentially enable you to save between 50% and 100% on your taxes, effectively reducing some investors’ tax burdens to […]
Understanding the Tax Structures of C-Corporations and S-Corporations
Understanding the tax implications is crucial when choosing the right corporate structure for your business. Two common types of corporations in the United States are C-corporations (C-corps) and S-corporations (S-corps). Each has distinct tax responsibilities and benefits that can significantly impact your business. C-Corporations and Double Taxation C-corps are subject to what is known as […]
3 Strategies to Maximize Gains on Your Real Estate Investments
Real estate has always been a popular investment choice, and for good reason. But did you know there are ways to invest in real estate that can save you money on taxes while you grow your wealth? This is called tax-smart investing, and it’s a powerful strategy that many successful real estate investors use. Here’s […]
Retirement Gifts That Keep on Giving: 6 Tax Breaks for Your Golden Years
Did you know your age can affect how much you pay in taxes? It’s true! Several tax benefits and rules depend on how old you are. For example, reaching a certain age might allow you to deduct more money from your taxes for long-term care insurance premiums. In other cases, your age might determine when […]
File Savvy, Not Fast: Review Tax Credits for a Bigger Refund in 2024
There are just two weeks left to file your 2023 tax return. The deadline is April 15th for most taxpayers in the United States. While you might be rushing to finish your return, it’s important to take your time. Reviewing tax credits can help you get a bigger refund. Also, these credits are available for […]
Filing My Business Tax Return: Which Form Do I Need?
Every year, business owners face the task of filing their business tax returns. This can include federal, state, and even local filings. There’s no getting around it, but the good news is you can be prepared. Let’s dive into the details of choosing the correct tax form for your business. Business Tax Return Every business […]