DECEMBER, 2017

Tax Reform and Rental Real Estate Deductions

Two scary words in tax reform are “fairness” and “simplification.”

In most cases, this combination raises your taxes and makes the law more complex.  As you likely know, tax reform is in the air again, and it will bring its share of good and bad news. But for your rental real estate loss deductions, the good news is that the reform being considered does not alter the beneficial strategies here.

In general, rental properties are passive activities subject to the dreaded passive-loss rules. IRS regulations contain six non rental exceptions to the definition of rentals. In most cases, the non-rental exceptions are businesses for tax purposes.

To deduct losses of any of the six exceptions, you simply need to materially participate in the activity.

Want to know more?  Have some tax questions of your own?  Get in touch with us and we’ll guide you thru the tax and accounting process.

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The big five tax breaks that most likely impact your
Form 1040

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Last Minute 2020 Biz Deductions

The purpose of this post is to get the IRS to owe you money.

Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes.
Here are seven powerful business tax deduction strategies that you can easily understand and implement before the end of 2020.

Last Minute Year End Deductions for Married or Divorced people – Tax Strategies – Kiddie Tax

Last Minute Year End Deductions for Married or Divorced people – Tax Strategies – Kiddie Tax –
If you are thinking of getting married or divorced, you need to consider December 31, 2020, in your tax planning.

Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider the zero-taxes planning strategy.
#taxplanning #CPA #businessaccountant

Do you need more 2020 tax deductions?

Do you need more 2020 tax deductions?

Tax Implications of Investing in Precious Metal Assets

These days, some IRA owners and investors may be worried about being overexposed to equities. That could be you.
But the safest fixed income investments (CDs, Treasuries, and money-market funds) are still paying microscopic interest rates.
For example, when this was written, the 10-year Treasury was yielding about 1.92 percent. Ugh!
Meanwhile, the pandemic might or might not be coming to an end, the economy might or might not be okay, and inflation might or might not be controlled. Who knows?
In this uncertain environment, investing some of your IRA money in gold or other precious metals such as silver and platinum may be worth considering. Ditto for holding some precious metal assets in taxable form. This article explains the federal income tax implications. Here goes.

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