Tax Tips

Stephen Ashley isn’t sure how much his company will benefit from a 116-word tax break for residential property owners slipped into the omnibus and coronavirus relief package late last month. But the Rochester, N.Y., apartment developer thinks it will be worth more than the $540,000 his company spent lobbying for what he describes as a…

Proposition 19, billed as “The Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment,” passed with  51.1% of California voter approval in November. As a result, 2021 will see sweeping changes in property taxes assessed on personal residences. There’s good and bad news. Let me note here that I’m going to simplify…

Small business owners already struggling because of the COVID-19 pandemic and state-ordered shutdowns or capacity restrictions now face another hurdle to surviving 2020: an unexpected tax hit. That’s because of a November ruling by the IRS for business owners who took out a forgivable loan earlier this year through the Paycheck Protection Program, or PPP….

Presidential hopeful Joe Biden has proposed a dramatic revision of the tax code. While the details are unknown, the big picture is to roll back President Trump’s centerpiece legislation, the Tax Cuts and Jobs Act of 2017, and make the tax code much more progressive. Biden’s plan, called “The Biden Plan for Mobilizing American Talent…

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…