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

Real Estate tax planning Construction Tax 109

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

Withum

MAY 16, 2022

The COVID-19 pandemic has had a dramatic impact on commercial real estate values, and in some cases resulted in property no longer being able to support the debt with which it is encumbered. However, the resulting forgiveness of a portion of the debt does not automatically result in federal taxable income. not insolvent).

Real Estate 131

Real Estate Tax income tax tax return 131

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

Real Estate Tax Non-Profits income tax 52

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

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

RogerRossmeisl

AUGUST 6, 2023

If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. net investment income tax (NIIT) for a combined federal rate of up to 40.8%. You may also owe the 3.8%

Real Estate 177

Real Estate Tax income tax CPA 177

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.

income tax 98

income tax Real Estate Tax CPA 98

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

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

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

South Carolina Real Estate Tax income tax 111

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.

Real Estate 98

Real Estate accounted Account accountant 98

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

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

Real Estate Tax income tax cpas 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

Withum

NOVEMBER 25, 2024

The impending expiration of the Tax Cuts and Jobs Act (TCJA) on December 31, 2025, marks a significant turning point for individual taxpayers. Enacted in 2017, the TCJA introduced lower tax rates and broader tax brackets, providing substantial relief to many.

Tax 105

Tax income tax Real Estate tax return 105

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.

Real Estate 110

Real Estate Tax North Carolina cpas 110

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.

Tax 111

Tax Real Estate income tax Legal 111

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.

income tax 75

income tax New Jersey Tax Real Estate 75

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?

income tax 66

income tax Tax tax return Real Estate 66

LyfeAccounting

MAY 13, 2021

If you’re thinking about selling real estate, one thing that you need to keep in mind is the amount of taxes you’re going to pay on that sale. Uncle Sam’s piece of the pie is called the capital gains tax. And the capital gains tax on real estate works a lot differently than other forms of taxes.

Real Estate 52

Real Estate Sales Tax tax preparation 52

LyfeAccounting

JULY 30, 2021

In today’s post, we’re going to settle the great debate once and for all – and that is the answer to one question: Which is the better investment – stocks vs real estate? It’s no secret that real estate investing has created 90% of the world’s millionaires. Which is Better- Stocks vs. Real Estate Investing?

Real Estate 52

Real Estate Tax income tax Start-ups 52

xendoo

JUNE 24, 2021

Let’s face it, bookkeeping for a business in the real estate industry is complicated. That holds true whether your niche is sales, management, construction, or tax and legal services. All these factors must be accounted for completely and accurately to control profit margins, satisfy clients, and be prepared for tax filing.

Real Estate 52

Real Estate accounted Account accountant 52

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.

Real Estate 122

Real Estate Tax tax return income tax 122

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).

income tax 98

income tax Tax New Jersey Washington 98

CTP

DECEMBER 14, 2022

More and more Americans are starting to use real estate as a primary or secondary income source. However, many taxpayers are not prepared for the tax consequences when they decide to sell that property. However, many taxpayers are not prepared for the tax consequences when they decide to sell that property.

Real Estate 52

Real Estate Tax Non-Profits income tax 52

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

Dent Moses

OCTOBER 1, 2024

When selling capital assets like stocks, real estate, or mutual funds, understanding how capital gains taxes are applied can help maximize your returns. Capital gains tax is imposed on the gain from the sale of a capital asset. Capital gains tax is imposed on the gain from the sale of a capital asset.

Alabama 52

Alabama Tax Real Estate income tax 52

Going Concern

AUGUST 29, 2024

Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

Real Estate 105

Real Estate accounted Account accountant 105

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.

tax return 132

tax return income tax Real Estate Tax 132

CPA Practice

OCTOBER 29, 2024

A new pass-through field operations unit announced in fall 2023 has officially started work in the IRS’s Large Business and International (LB&I) division to more efficiently conduct audits of pass-through entities, the tax agency said on Oct. Pass-throughs are frequently used by higher-income groups and can be complex tax arrangements.

income tax 115

income tax audit tax return Real Estate 115

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.

New York 125

New York California North Carolina South Carolina 125

Cherry Bekaert

MAY 27, 2024

The new law applies to income tax years beginning after December 31, 2023. The act provides tax incentives for developers who take on the challenge of restoring and repurposing these buildings, breathing new life into communities and stimulating economic growth.

South Carolina 52

South Carolina Real Estate Tax Delaware 52

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

Pennsylvania Tax Real Estate income tax 104

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

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.

tax preparation 130

tax preparation Tax tax return income tax 130

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

Real Estate 115

Real Estate Tax Education Hospitality 115