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Who's a Dependent?

Mon, Jan 15th 2018
To most of us, the word "dependent" is synonymous with "child," but the IRS's definition is a little different. For tax purposes, a dependent must be either a "qualifying child" or a "qualifying relative." To be a qualifying child, the child must: Live in your home for over half the year Be your child, stepchild, adopted child, or foster child or your brother, sister, or step-sibling (or a descendant of any of these) Be under 19 or a student under 24 and be younger than you (or be permanently... Read More »

The Biggest Tax Reform Law in Over 30 Years - the Nutshell Version

Tue, Jan 9th 2018
It really happened - the President has signed the biggest tax reform law in over 30 years. When you file your 2018 tax returns — about a year from now — your tax return will look very different. And because most changes don’t happen until then, we have some time to learn about the changes and plan for next year. Here are a few of the biggest changes that may affect you. Tax rate changes: Both individual and corporate rates have changed. The maximum individual rate is reduced to 37% and the... Read More »

New Year’s Resolutions You Need for Your Business

Tue, Jan 2nd 2018
For many entrepreneurs, a new year offers a clean slate and a tantalizing chance to achieve greater business success. Individual goals may vary, but here are five central principles that are integral to business success in today’s competitive world. Focus on them and you’ll see some big improvements. 1)      Clarify your business goals. Whether it means updating an existing strategic plan or starting from scratch, having a focused business plan that states specific, realistic, measureable goals... Read More »

Deferring Taxes with a Like-Kind Exchange

Mon, Dec 18th 2017
If you would like to trade one property for another and potentially save some taxes in the process, you may want to consider a like-kind exchange. The like-kind exchange rules permit owners to trade certain appreciated property held for investment or for use in a trade or business for similar like-kind property without recognizing taxable gain. Instead, the owner transfers his or her basis (generally, the cost of the original property, plus improvements) to the new property. Let's look at a... Read More »

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 »

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