Tax Tips

Guide to Tax on Rental Income If you have a condo or a house that you wish to rent, you might also want to update yourself about the tax on rental income. Yes, you heard us right. Income taxes are charged on rental properties. The good news: you are not taxed the entire amount of…

Posted on Oct 20, 2017 While being a landlord is often a difficult job, the tax benefits that come with owning investment properties help sweeten the deal. Whether you are already a landlord or thinking of investing in property, learn about the investment property tax benefits available to landlords.   Mortgage Interest Deduction Your mortgage loan accrues…

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…