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Renting Residential Real Estate - A Tax Review for the Non-Professional Landlord

Mon, Dec 11th 2017
Investing in residential rental properties raises various tax issues that can be somewhat confusing, especially if you are not a real estate professional. Some of the more important issues rental property investors will want to be aware of are discussed below. Rental Losses Currently, the owner of a residential rental property may depreciate the building over a 27½-year period. For example, a property acquired for $200,000 could generate a depreciation deduction of as much as $7,273 per year.... Read More »

The Most Wonderful Time of the Year - Tax Planning Season

Mon, Dec 4th 2017
Now is the time to focus on year-end tax planning. Careful and strategic planning can help minimize your tax bill and maximize what you keep. Given the uncertainty and sweeping scope of proposed tax law changes, planning is both more complex and more important than ever this year. Below, we discuss five year-end tax planning strategies you can use to maximize how much of your own money you keep. Play the Timing Game Why pay taxes now if you can delay it until next year? Income deferral is... Read More »

Zombie Payer - Keep Your Automatic Payments in Control

Mon, Nov 13th 2017
When it comes to paying bills, many people can’t imagine returning to paying and sending bills via the U.S. Postal Service. But, the “turn it on and forget it” nature of automatic payments can create zombie payers who no longer challenge or review the details and amounts of bills. Here are some ideas to keep this from happening to you. Create a list. Make a list of the companies you authorized to use automatic payments to pay your bills. Include in the list the card or account each company uses... Read More »

Questions to Ask Before Signing a Business Loan

Mon, Nov 6th 2017
Are you thinking of taking out a loan to buy new machinery or additional inventory for your business? Before you sign that loan document or credit application, consider the following questions. What's the true cost of borrowing? The interest rate on your business loan may be variable, fluctuating over the life of your loan. Calculate the impact of potentially higher future payments on your ability to pay other debt, such as amounts you owe your vendors. Include fees in your assessment. Your... Read More »

Gifts to Charity: Six Facts About Written Acknowledgements

Mon, Oct 30th 2017
Have you contributed money or made gifts to charitable organizations this year? Make sure you have your records in order to claim a charitable deduction on your tax return if you will be itemizing your deductions. You’ll need two things: A bank record or written communication from a charity for any monetary contributions. A written acknowledgment from the charity for any single donation of $250 or more. Here are six things from the IRS website for you to remember about these donations and... Read More »