Maximizing Deductions – Placing Your Property “In Service” – LNK Tax Group

According to the IRS, your property is placed in service when it is both ready and available for rent. If you recently purchased a property you hope to rent out for passive income, this is critical information for you. You ideally want to have the property “in service” to reap the best tax benefits. Usually,…
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Keeping Track of Your Real Estate Portfolio

Keeping Track of Your Real Estate Portfolio – LNK Tax Group

As you start to invest in more real estate, you might ask yourself, should I setup a bank account for each property? The answer is you will likely want to begin using one account for each property for simplicity. However, you cannot have 10 bank accounts for 10 properties, it is just too much to…
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Why Hire a Real Estate Accountant

Why Hire a Real Estate Accountant – LNK Tax Group

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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Why Hire an Entertainment Accountant

Why Hire an Entertainment Accountant? – LNK Tax Group

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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Maximizing Deductions

Maximizing Deductions – Car & Truck Expense – LNK Tax Group

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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Retirement Planning

Retirement Planning – Self-Directed Retirement Funds – LNK Tax Group

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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Strategic Tax Planning

Strategic Tax Planning – 1031 Exchanges – LNK Tax Group

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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Retirement Planning - Traditional 401(K)

Retirement Planning – Traditional 401(K) – LNK Tax Group

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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Maximizing Deductions - Qualified Business Income (QBI)

Maximizing Deductions – Qualified Business Income (QBI) – LNK Tax Group

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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Maximizing Deductions - Depreciation

Maximizing Deductions – Depreciation – LNK Tax Group

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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