If you operate a business, searching for tax deductions is probably something that becomes a part of your daily regime as the April 15th deadline approaches each year. In case your business is or includes some form of transportation, however, there is a good chance that you ran into specific deductions for vehicles weighing over… Read more »
Can You Deduct Back Taxes on Your Tax Return?
With millions of small business owners who hold pass-through entities, it is not uncommon to see folks struggle to keep up with their taxes. After all, having such a venture means that they are liable for self-employment, federal, and state taxes. When those responsibilities are paired with some inexperience, one may find themselves facing a… Read more »
Can I Deduct Rental Expenses Before Renting?
The quick answer to this question is yes and no. Why both? It depends on whether the property is considered held for investment or held as a business with the intent to generate a profit because deducting rental expenses is directly related to the nature of your endeavor. Business or Investment When It Comes to… Read more »
Does the IRS Know When You Buy or Sell a House?
Whenever you buy or sell a house, you are most likely going to engage in a hefty transaction that can easily rise to hundreds of thousands of dollars. Courtesy of such enormous figures, the last thing that you will want to do is spend more on taxes that relate to the venture. While feeling that… Read more »
Can You Deduct First-Class Tickets?
If you have been operating a business for a while, you probably had a chance to deal with some complex transactions and tax-related issues, amongst all else. After all, the self-employment tax alone is easily one of the most challenging aspects of navigating a lucrative sole-proprietor venture. For those who are just starting, however, figuring… Read more »
Is Rental Income Passive or Earned Income?
If you are one of the countless landlords in the United States, who cumulatively own over 48.5 million rental units in the nation, you probably asked if rental income is passive or earned income at some point. Depending on your experience, however, you might have some lingering questions regarding the proper way to report rental… Read more »
Is Rental Property a Capital Asset?
According to the U.S. Department of Housing and Urban Development, there were over 48.5 million rental units in the nation in 2015. Given the economic growth, increasing earnings, and a lower rate of unemployment, it is fair to assume that this number is even higher now. Thus, the number of people who engage in property… Read more »