Finding the right real estate accountant is something a lot of real estate investors (both new and established) have a difficult time with. An accountant is an undeniably important member of your team that can play a massive role in your ability to find and leverage as many tax benefits as possible (of which there…
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Working in the entertainment industry is quite the accomplishment but you can’t get caught up in the glory. The industry is very cut throat and having a knowledgeable and trusted Entertainment Accountant is MUST. Whether you work in the film industry as an actor/actress or behind the scenes with videography and photography the growing needs…
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If you are self-employed, your deduction for the business use of your vehicle could reduce your tax bill by thousands of dollars! Tracking your mileage is absolutely necessary whether you use the actual expense method or standard mileage allowance for claiming the deduction. Two Methods for Claiming the Car Deduction: Actual expense method Mileage allowance…
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A self-directed individual retirement account (SDIRA) is an individual retirement account (IRA) in which the investor is in charge of making all the investment decisions. The self-directed IRA provides the investor with greater opportunity for asset diversification outside of traditional stocks, bonds, and mutual funds. Self-directed IRAs can invest in real estate, private market securities…
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Fortunately for investors, there is a way to avoid paying both capital gains and depreciation recapture tax on the profitable sale of any investment property. This is known as a 1031 exchange, which means that if you sell one investment property, but use the proceeds to acquire another, you can defer paying taxes on the…
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A 401(k) plan is a qualified employer-sponsored retirement plan that eligible employees may make salary deferral contributions on a post and/or pre-tax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings in a…
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Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity. The deduction has two components. Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic…
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Normal Depreciation. Confirm assets are properly capitalized and being depreciated as many times this is not being done properly or at all. For example, a recent client owned a commercial building that was not capitalized or being depreciated, and the accountant had only the rental operations on the books. Expense. The IRS allows for expensing…
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Great Question! This is one we get on a weekly basis. There a handful of reason why you have not received your refund. To start, the best and fastest way to get your tax refund is to combine electronic filing with direct deposit. Paper filing your return can take up to 16 weeks to process…
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If your office space is located in your house, you can deduct your bills for utilities, homeowners’ insurance, homeowner’s association fees, security, and general repairs & maintenance. Mortgage interest and property taxes are deductible expenses if you qualify for home office deductions. You can deduct the percentage of the square footage of the office divided…
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