MyIRSRelief

JANUARY 16, 2023

When it comes to tax season, many people are faced with the decision of whether to prepare their own taxes or use an income tax preparation service. While it may seem like an added expense, there are many benefits to using a professional tax preparation service that make it well worth the cost.

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Cherry Bekaert

OCTOBER 9, 2023

When investing in real estate funds , especially amid a volatile macroeconomic landscape, it is imperative to know the differences between the various types of funds. Tax Advantages – REITs do not have to pay a corporate tax, so there is a higher available payout for investors.

Real Estate 110

Real Estate Non-Profits income tax Mississippi 110

TaxConnex

JULY 12, 2022

There’s always something changing in the world of tax, especially sales tax. The fee will apply when at least one item is subject to sales or use tax and the delivery is mailed, shipped or delivered by motor vehicle. its Sales Tax Bulletin No. Here’s a review of some of the recent changes and updates. Indiana modified?its

Sales 246

Sales Tax Oklahoma Illinois 246

Cherry Bekaert

NOVEMBER 14, 2023

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year. Generally, taxpayers must reinvest the gains realized within 180 days of the transaction.

Real Estate 109

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Anders CPA

APRIL 26, 2022

Owning rental real estate can be a great supplemental source of income in addition to a normal day job. What is most commonly misunderstood about this type of investment is how an individual can treat the income and or losses for tax purposes. Real Estate Professionals. Material Participation.

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CTP

JANUARY 17, 2025

One of the many roles we play as tax planners is as the taxpayers audit support system. We will especially want to have this conversation if our clients tax return features one of the IRS red flags of the season. Knowing the Common Audit Triggers No matter a taxpayers income or industry, they can be randomly selected for an audit.

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xendoo

JUNE 25, 2021

As the owner of a new real estate business, you’re probably aware of the unique characteristics of your industry. You take a personal interest in the real estate market, and you are excited to do great work for your clients, whether buying or selling pieces of property. . Real estate investment management.

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CTP

MARCH 17, 2025

Partnerships are pass-through entities, so they are not subject to corporate income tax. Instead, they pass the profits onto the owners who then pay personal income tax based on their tax bracketsa setup that can provide significant tax advantages to these owners. No gain means no tax!

Tax 52

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CPA Practice

MAY 7, 2023

More impactful for tax advisors is that the history behind the tournament led to a section of the IRC code that provides for tax-free income for property owners across the U.S. Tax savings from the Augusta rule are best taken when planned prior to the deduction. throughout the year.

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CTP

MARCH 17, 2025

New entrepreneurs may instinctively view them as too complicated, and even if tax professionals are familiar with the benefits, they may not feel well-versed enough to know when to recommend a partnership structure to their clients. This means they are not subject to corporate income tax.

Tax 52

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Xero

MAY 27, 2022

If you’re a landlord , you’ll likely have felt the rumblings around Making Tax Digital for Income Tax Self Assessment ( MTD for ITSA ). . For example, if you’ve received income from shares in a real estate investment trust (REIT), you won’t have to comply. How can landlords calculate income for MTD?

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Cherry Bekaert

JUNE 18, 2024

Contributor: Nick Cousino, Senior Manager A new South Carolina tax credit that encourages private parties to expand the state’s ever-growing trail system went into effect May 13. A taxpayer allowing for a six-foot wide trail for two miles may be eligible to claim an income tax credit of $6,336.

South Carolina 111

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Withum

JUNE 13, 2023

Real estate investors generally want to do everything possible to maximize their return on investment when investing in residential rental properties. This means the property’s depreciation deduction is calculated by dividing the tax basis by 27.5. years ($5,000,000 / 27.5 yrs. = $181,818/yr.).

Real Estate 69

Real Estate income tax Tax 69

CTP

DECEMBER 14, 2022

Tax professionals today need to be prepared to incorporate real estate income into their clients’ tax plans. More and more Americans are starting to use their properties as a primary or secondary income source, yet many taxpayers are not prepared for the tax consequences when they decide to sell that property.

Real Estate 69

Real Estate tax planning Tax income tax 69

CPA Practice

JUNE 19, 2023

By Michael Aloi, CFP, Kiplinger Consumer News Service (TNS) I never recommend an investment solely for the tax benefits. If an investment makes sense as part of a diversified portfolio and can provide tax benefits, then it is a win-win. Real estate is one example. Like any investment, REITs have their pros and cons.

Real Estate 111

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CPA Practice

JANUARY 19, 2023

The Tax Blotter is a round-up of recent tax news. The tax law provides generous tax breaks to investors in real estate, but there are several key tax pitfalls to watch out for. Real estate is automatically treated as a passive activity. Be more active. Swap in time.

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Real Estate Tax tax return income tax 122

Cherry Bekaert

JULY 12, 2024

Real Estate Market Trends The U.S. real estate market has been experiencing a significant increase in the demand for residential real estate due to a growing population of people looking to buy homes or invest in real estate properties. real estate market as a stable investment opportunity.

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Cherry Bekaert

FEBRUARY 7, 2024

Understanding business entities and tax structures can save you a tremendous amount of time, money and potential headaches down the road. An LLC is one of four main legal business structures, whereas an S corp is a tax classification. This means that the partnership does not pay income tax. That rate is the sum of 12.4%

Real Estate 103

Real Estate Tax income tax Legal 103

CPA Practice

MAY 8, 2023

Reducing taxes is one way to cut costs, and sometimes moving from a high-tax state to a low-tax state can eliminate thousands of dollars in expenses year after year. Tennessee, Texas, and Florida are among the most commonly moved-to states, and it just so happens that these states don’t tax income.

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New York California North Carolina South Carolina 125

Withum

JULY 29, 2024

Every real estate investor’s goal is to earn income from the cash flow and the appreciation of their investment. Sale of Property The least tax efficient option in selling a property may be to pay taxes on the gain resulting from the sale.

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CPA Practice

OCTOBER 30, 2023

The IRS said on Monday that it will allow electronic signatures to be used on certain tax forms “indefinitely until more robust technical solutions are deployed.” 31, 2025, the ability to use encrypted email when working directly with IRS employees to clear up tax-related issues or concerns. In addition, the agency extended until Oct.

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Anders CPA

JULY 25, 2023

If you’re a taxpayer with income from rental activities or other real estate investments , it’s important to understand whether the IRS considers you a real estate professional. This consideration impacts the tax treatment of any rental income or losses and, consequently, may result in significant tax savings.

Real Estate 52

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Cherry Bekaert

JUNE 13, 2023

Making Informed Entity Selection Decisions The life cycle of your real estate venture or property management company should be planned with the end in mind. The following types of business entities are options to own real estate or operate a related business: Sole Proprietorship : Many single owners of real estate are an individual.

Real Estate 59

Real Estate income tax tax return Legal 59

Withum

JANUARY 13, 2022

The COVID-19 pandemic created a vast network of small business relief programs in the form of loans, grants, tax credits and direct payments. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. Q7: When do I report the tax-exempt income relating to PPP loan forgiveness?

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Tax tax return income tax corporation tax 126

Withum

JANUARY 19, 2022

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. In exchange of the BAIT entity paid tax, owners receive a corresponding pro rata share of a BAIT credit.

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LyfeAccounting

JUNE 15, 2021

So what is the #1 tax write-off for real estate investors? No, it’s not repairs, maintenance, or real estate taxes. The number 1 tax write-off for real estate investors is…. Real estate is one of the most tax-advantaged investment vehicles. So what is it?

Real Estate 52

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CPA Practice

SEPTEMBER 11, 2023

million tax legal battle is going into its seventh year, because the IRS is appealing the 2022 ruling that Mayo Clinic “operated exclusively for educational purposes.” million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years. (TNS) A precedent-setting $11.5

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Cherry Bekaert

AUGUST 6, 2024

In the past few years, the real estate industry has grappled with fluctuating demand, rising labor and material costs, and the impacts of a sluggish economy. The tax credit is taken ratably over a 5-year period. The investor subsequently receives the HTC through a tax credit allocation provided on a Schedule K-1.

Real Estate 52

Real Estate South Carolina Tax Construction 52

LyfeAccounting

DECEMBER 30, 2020

?. Are you tired of paying taxes? Taxes stink. But recently, I heard that some people pay very little in taxes. In fact, the president’s tax returns show he paid just $750 in federal income taxes in 2016 and 2017. But it’s important that you first understand how taxes work. Yeah me, too.

Real Estate 52

Real Estate Tax income tax Gaming 52

CPA Practice

AUGUST 29, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The most expensive states for millionaires tax high earners at high rates. And if you fall into the top federal income tax bracket , the IRS will tax some of your earnings at the 37% rate.) The top income tax rate is 11%. 9% or higher).

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CPA Practice

JULY 1, 2024

The final regulations are viewed by proponents as critical to policing a largely unregulated sector plagued by tax avoidance. These regulations are an important part of the larger effort on high-income individual tax compliance. Our research and experience demonstrate that third-party reporting improves compliance. “Our

Tax 114

Tax Real Estate tax return Sales 114

CPA Practice

SEPTEMBER 19, 2023

Goralka, Kiplinger Consumer News Service (TNS) This cautionary tale is based upon the recent tax case of Estate of Hoensheid v Commissioner , TC Memo 2023-34. When owners of a company plan to sell their business, there is very often a desire to minimize the resultant income tax. This leaves net proceeds of $14 million.

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CPA Practice

AUGUST 1, 2024

In January, the state’s Commonwealth Court ruled that the 3% tax requiring visiting athletes like the Cleveland Browns’ Myles Garrett and entertainers like Taylor Swift to pay for the use of public facilities set different rules for residents and nonresidents and thereby violated the state constitution. million in revenue from the tax.

Pennsylvania 104

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Anders CPA

JULY 23, 2024

Real estate developers in Missouri have access to dozens of state and federal tax credits that can help you maximize profitability and minimize costs. Some programs, like the Low Income Housing Tax Credit (LIHTC) and Historic Preservation Tax Credit Program (HTC), are available as both federal and state credits.

Real Estate 52

Real Estate Missouri Tax Construction 52

MyIRSRelief

OCTOBER 30, 2023

Income Tax Return for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. The fiduciary of an estate or trust is responsible for filing Form 1041, which is due on April 15th each year (unless an extension is filed). Form 1041, U.S.

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CTP

DECEMBER 28, 2021

Understanding the benefits and drawbacks of different retirement plans is crucial to long-term tax planning. Most retirement plan investment earnings are taxed at ordinary income tax rates—you receive an ordinary tax deduction for every contribution, and you pay ordinary income tax rates when you withdraw funds.

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inDinero Tax Tips

MARCH 2, 2023

Cryptocurrency tax rules can be complicated and confusing, but you definitely need to report your crypto gains. Here’s a look at what happens if you don’t report cryptocurrency on taxes — along with answers to common crypto tax questions. What Happens if You Don’t Report Cryptocurrency on Taxes?

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