As soon you new year approaches a lot of us start thinking about Taxes and whether we need to pay or will be getting a refund back this year. In this article, we are discussing Under Which Circumstances Might you receive a Tax Refund from the IRS? What is a Tax Refund? Tax Refund is…
Category: Finance
Section 179 Deduction Vehicle List 2022-2023
As a small business owner you are always looking for ways to lower your taxes. Buying a Business Vehicle that is more than 6000 Pounds is an excellent Tax Write Off. Section 179 Vehicles can help you save thousands of dollars in Taxes. In order to help you with your search, we have compiled “IRS…
Ford F150 Tax Write Off 2022-2023
Ford F 150 is a US Icon. People for Generations have used and loved Ford F 150. People who love Ford 150 are construction workers, farmers, contractors and simply Americans who grew up seeing the Fathers drive this truck when they worked or hauled trailers. Some buy it as its their passion and many buy…
SBA Prepayment Penalty
Small Business Administration(SBA) offers many types of loans to support Small Business Owners to Start, Build or Buy small businesses. These SBA Loans can also be used for Real Estate purchase that is occupied 51% or more by the Small Business. These loan have several advantages such as low interest rates but have some disadvantages…
Tax Advantages of Rental Property (A Must Read!!)
Main tax benefits of owning rental property include reducing or eliminating taxable income by offsetting Rental Income with deductions such as operating expenses & depreciation
Avoiding Self Employment Tax, FICA(Social Security & Medicare) Taxes
Ability to Defer Capital gains tax and depreciation recapture tax when Landlord or Real Estate investor conducts a 1031 tax deferred exchange.
Step Up Basis when Real Estate Properties are Passed from one generation to Another.
Tax Benefits can only be maximized if you keep good records and a paper trail for each Rental Real Estate Property.
Will Real Estate Prices Drop in 2022?
When the Covid 19 Hit, everyone thought the Real Estate Market will tank. It did slow down for bit till buyers were uncertain about the future. Once things started opening up Real Estate started going up. Its been going up in 2019, 2020 and 2021. Many of Real Estate Investors and home buyers are wondering…
7A Loans: The Pros and Cons You Should Know About
In a survey executed by the Small Business Majority, a minute number of small businesses received funding through the Paycheck Protection Program with only 30% receiving the requested amount. Hence, many Small Business Owners were forced to start looking for high interest Loans to keep their business Afloat. Many of them turned to SBA for…
Can You have Multiple LLC?
Have you ever wondered “Can You have multiple LLC? “Short Answer is Yes. Lets learn more how different structures work and how they can be used for asset protection. US Law and Tax Law allows individuals and entities to be engaged in different types of businesses. As a result, you are allowed to form…
How LLC Members are Taxed?
LLC(Limited Liability Company) is one of the most flexible entity. It allows its members many options that are not available as other legal entities. LLC can elect to be taxed as: C Corp, S Corp, General Partnership or as a Disregarded entity(it files taxes as Schedule C along with personal tax return 1040) How LLC…
What is My Filing Status?
you ever wondered “What is My Filing Status?” There are 5 different Filing Status available when you file your personal taxes. Each Status has a set of requirements that must be fulfilled to claim the status. Here are 5 Filing Status that are available for you when you file your personal tax return(1040) Single Married…
