There are strict limitations on losses from investments in tax shelter deals, such as limited partnerships. Generally, tax shelter losses can be offset only against income from similar investments. Shelter losses can’t be used to wipe out taxes on nonshelter income, such as wages and stock market profits. However, the tough anti-shelter restrictions are subject…
One of the things you might not have considered when you decided to be a landlord was the effect it would have on your taxes. A lot of landlords don’t realize how much they can write off, or the right way to claim their rental income, when they first start out. Going to a…
by Thomas F. Scanlon, CPA, CFP® Subchapter S corporations (“Sub S”), partnerships, limited liability companies (“LLC’s”) and estates and trusts issue form K-1’s. This form documents the stockholders, partners, members or beneficiaries share of their profit or loss from the entity. Don’t wait for this form to get started on your income tax return. 1)…
by Thomas F. Scanlon, CPA, CFP® 1) Be Prepared Ah yes, the Boy Scout Motto, “Be Prepared”. It is very applicable to surviving tax season. How can you get prepared? Start with completing your tax organizer. We send these out to our clients in early January. This will contain all of the prior year information. Some…
by Thomas F. Scanlon, CPA, CFP® Many business owners will eventually buy a building and then rent it to their business. This can be an appropriate strategy for many. If you are planning on being in business for an extended period of time why not own the real estate? If you do own rental real estate…
by Thomas F. Scanlon, CPA, CFP Your 2012 income tax return is due on April 15, 2013. What if you can’t get it done on time? Here are 4 easy steps to file your income tax extension. 1) Prepare a Tax Projection To file an accurate extension, you will need to prepare a tax projection….
by Thomas F. Scanlon, CPA, CFP® Capital Assets Capital assets are generally those held for investment. Stocks, bonds and mutual funds are some examples. If there is a gain on the sale of these assets, a capital gains tax is due. Short-Term Capital Gains Tax Short-term capital gains are those capital assets held a year…
by Thomas F. Scanlon, CPA, CFP The government finally passed the American Taxpayer Relief Act of 2012 at the last minute. So, we have avoided the Fiscal Cliff¦ for now. Now it’s time to file your 2012 tax return. Or is it? Here are 3 reasons you should be Prepared to file a tax extension…
by Thomas F. Scanlon, CPA, CFP® The New Years celebrations are over. The New Years Resolutions are starting. We will see how long they last. Many people feel income taxes are going up. Im confident they are for the higher income earners. Now its time to start your 2013 tax planning. Here are 4 easy…
by Thomas F. Scanlon, CPA, CFP® Its time for business owners to file their 1099’s. Here are 5 Easy Steps to do this: 1) Determine who you will be Required to File a 1099 For Form 1099 is due to any independent contractor who is unincorporated and you pay $600 or more to in a…