Category Archives: Federal Income Tax

3 Basic Strategies for Reducing Your Taxes

The goal of tax planning is to arrange your financial affairs so as to minimize your taxes. There are three basic ways to reduce your taxes. Source: 3 Basic Strategies for Reducing Your Taxes

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S Corp Employment Taxes | Avoid Double Taxation

Learn how to avoid double taxation and lower your employment tax liability by forming an S corporation. Source: S Corp Employment Taxes | Avoid Double Taxation

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What Is the IRS Depreciation Schedule for Commercial Real Estate?

What Is the IRS Depreciation Schedule for Commercial Real Estate? Commercial real estate is an asset qualifying for depreciation.  It cannot be expensed as an ordinary method of write-off.  However, in 2011, the US Congress passed legislation that allowed for 100% bonus depreciation … Continue reading

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Income Tax Deduction and Other Tax Benefits

Donor advised funds (DAFs) provide an immediate income tax deduction as well as four other tax benefits. Source: Income Tax Deduction and Other Tax Benefits from Donor Advised Funds

Posted in Accelerated Depreciation, Accelerates Depreciation, Cost Segregation, CPA, Federal Income Tax, Income Tax, Income Taxes | Leave a comment

What are the new Tangible Property Regulations?

What are the new tangible property regulations? Many of you know, and just as many don’t know, there are new tangible property regulations.  The IRS has been working on these tangible property regulations over 4 years.  They were finalized and enacted … Continue reading

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What is Accelerated Depreciation?

What is accelerated depreciation? Well, in layman’s terms, it is the depreciation of fixed assets at a faster rate early in their useful lives.  Accelerated depreciation reduces the amount of taxable income in the early stages of asset life.  The result is, … Continue reading

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CPA Ecstatic with Cost Segregation Results!

CPA is ecstatic with cost segregation results for her office! We have worked with Chandler & Knowles, CPAs, for many years and recently completed a cost segregation study on their corporate offices in Flower Mound, Texas. After providing the CPAs … Continue reading

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Cost Segregation and the IRS

Cost segregation and the IRS are likened to your hand fitting into your glove…snugly. Cost segregation actually came about as a result of Hospital Corporation of America suing the IRS…and winning!  The Supreme Court of the United States heard arguments … Continue reading

Posted in §1245, §1250, Accelerated Depreciation, Accelerates Depreciation, Amarillo Cost Segregation, American Society of Cost Segregation Professionals, ASCSP, Austin Cost Segregation, Birmingham Cost Segregation, Commercial Real Estate, Cost Segregation, CPA, Dallas Cost Segregation, Del Rio Cost Segregation, Denver Cost Segregation, Federal Income Tax, Franklin Cost Segregation, Houston Cost Segregation, Income Tax, Income Taxes, LA Cost Segregation, Lubbock Cost Segregation, Nashville Cost Segregation, New York Cost Segregation, San Angelo Cost Segregation, San Antonio Commercial Real Estate, San Antonio Cost Segregation, Seattle Cost Segregation, Tangible Personal Property | Leave a comment

Affordable Care Act – How Obamacare Affects You

Affordable Care Act – How Obamacare Affects You Beginning April 1, 2014, the Individual Shared Responsibility provision (aka the Individual Mandate, aka Obamacare) of the Affordable Care Act calls for each applicable individual to either buy minimum essential health coverage … Continue reading

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Repair Capitalization Regulations 2014

IRS Repair and Capitalization Regulations 2014…how do they affect me? The IRS has released much-anticipated final “repair” regulations (T.D. 9636).  These fall under IRC § 162(a) and § 263(a).  The new Repair Capitalization regs govern when taxpayers must capitalize and … Continue reading

Posted in Accelerated Depreciation, Accelerates Depreciation, Accountant, Accounting, ADCPA, AICPA, Amarillo Cost Segregation, Austin Cost Segregation, Birmingham Cost Segregation, Commercial Real Estate, Cost Segregation, CPA, Dallas Cost Segregation, Del Rio Cost Segregation, Denver Cost Segregation, Federal Income Tax, Franklin Cost Segregation, Houston Cost Segregation, Income Tax, Income Taxes, LA Cost Segregation, Lubbock Cost Segregation, Nashville Cost Segregation, New York Cost Segregation, Repair & Capitalization, San Angelo Cost Segregation, San Antonio Commercial Real Estate, San Antonio Cost Segregation, Seattle Cost Segregation, T.D. 9636, Tangible Personal Property, Waco Cost Segregation | Leave a comment