LATEST ARTICLES

Cost Segregation: A Great Strategy When?

Cost Segregation
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

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

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

The IRS Dirty Dozen List
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?

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...