Most Popular Blog Posts
Cost Segregation: A Great Strategy When?
One of the greatest tax benefits of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you can take without spending any additional money.
Sadly, regular depreciation for real property is slow, taking anywhere from 27.5 years to a whopping 39 years.
Five Rules for Turning Your Vacation into Tax-Deductible Business Travel
When you convert your vacation into a business trip, your transportation expenses suddenly become deductible.
And when you travel for business, you deduct the expenses. Think of the tax deduction as a travel discount. The size of the discount depends on your tax bracket. That could amount to 30,...
New Crypto Tax Reporting Rules Are Coming Soon
The IRS released over 280 pages of proposed regulations intended to implement the congressional mandate that the broker reporting rules apply to those who facilitate the transfer of digital assets such as Bitcoin and other cryptocurrencies.
When these rules take effect, they impose substantial new tax reporting obligations on...
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Unlocking the Keys to Profitable Short-Term Rental Management
Introduction
The short-term rental industry is booming. If you’ve ever considered turning your home into a short-term rental, you’re not alone. Property owners are taking advantage of this opportunity to increase income and create a lucrative business model. But managing a successful short-term rental business is no easy feat....
Do These 5 Things to Make Sure You Stay Motivated
You’re midway through the project, and you’re losing interest. Motivation is about to go out the window, and you feel helpless to keep it. What can you do to stay motivated so that you’re able to stay on track through the remainder of the project? Try these tips:
5 Steps to Setting Up Your Businesses Processes For Success
When a business first starts out, it’s natural for the owner to be a jack-of-all-trades. You may not have the capital to hire specialists or access to the technology that can help you. As your business grows–or as you look to take a smaller role in your company–you may find the business...
LATEST ARTICLES
Cost Segregation: A Great Strategy When?
One of the greatest tax benefits of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you can take without spending any additional money.
Sadly, regular depreciation for real property is slow, taking anywhere from 27.5 years to a whopping 39 years.
Five Rules for Turning Your Vacation into Tax-Deductible Business Travel
When you convert your vacation into a business trip, your transportation expenses suddenly become deductible.
And when you travel for business, you deduct the expenses. Think of the tax deduction as a travel discount. The size of the discount depends on your tax bracket. That could amount to 30,...
New Crypto Tax Reporting Rules Are Coming Soon
The IRS released over 280 pages of proposed regulations intended to implement the congressional mandate that the broker reporting rules apply to those who facilitate the transfer of digital assets such as Bitcoin and other cryptocurrencies.
When these rules take effect, they impose substantial new tax reporting obligations on...
The IRS Dirty Dozen List: More Than Just A Gimmick
For over 20 years, the IRS has released a series of notices identifying tax scams and avoidance schemes, which the agency calls the “Dirty Dozen” (an apparent reference to the classic 1967 World War II movie starring Lee Marvin and Jim Brown).
Is the IRS Dirty Dozen just an...
How Long Does the IRS Have to Audit Your Returns?
Understanding Statute of Limitations on Tax Audits
Nobody wants to spend their whole life looking over their shoulder, wondering if the IRS is going to audit them.
Luckily, there is a statute of limitations on IRS audits and tax assessments. This time period is called the...
