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: [Read More]
Does Section 1245 Property Include Real Property? Section 1245 property does include personal property. Assets such as computers, desks, chairs, co [Read More]
Learn how to avoid double taxation and lower your employment tax liability by forming an S corporation. Source: S Corp Employment Taxes | Avoid Doubl [Read More]
What Is the IRS Depreciation Schedule for Commercial Real Estate? Commercial real estate is an asset qualifying for depreciation. It cannot be expe [Read More]
Donor advised funds (DAFs) provide an immediate income tax deduction as well as four other tax benefits. Source: Income Tax Deduction and Other Tax B [Read More]
Does owning rental property help with taxes? In a word, yes! There are many ways to save on taxes, but owning rental property will definitely do so [Read More]
How does owning Rental Property affect taxes? Beach House >Many people own rental property. Residential rental property includes a single-famil [Read More]
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 IR [Read More]
What is Depreciation Recapture? When a taxpayer purchases a tax-deductible asset for use over several years, the taxpayer can deduct a percentage of [Read More]
IRC Section 1245 Definition: A portion of the Internal Revenue Code states that depreciable property that has been sold at a price in excess of it's [Read More]