Monthly Archieve : July 2015

3 Basic Strategies for Reducing Your Taxes

Posted on July 29, 2015 by Jeff Hobbs

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?

Posted on July 29, 2015 by Jeff Hobbs

Does Section 1245 Property Include Real Property? Section 1245 property does include personal property.  Assets such as computers, desks, chairs, co [Read More]

S Corp Employment Taxes | Avoid Double Taxation

Posted on July 28, 2015 by Jeff Hobbs

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?

Posted on July 28, 2015 by Jeff Hobbs

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]

Income Tax Deduction and Other Tax Benefits

Posted on July 27, 2015 by Jeff Hobbs

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?

Posted on July 27, 2015 by Jeff Hobbs

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?

Posted on July 23, 2015 by Jeff Hobbs

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?

Posted on July 22, 2015 by Jeff Hobbs

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]

Depreciation Recapture

Posted on July 21, 2015 by Jeff Hobbs

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

Posted on July 21, 2015 by Jeff Hobbs

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]

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