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Rental Properties and Income Taxes

Posted on: August 26, 2019 by in Uncategorized
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source: https://pxhere.com/en/photo/1440167 We get a lot of questions about rental real estate properties and income taxes. In this article, we will cover the major topics the commonly come up: Do I Need an LLC? The first, most common question, we get is whether you need an LLC or not. If you are just considering income tax purposes, then it doesn't matter whether the property is held in your personal name or a company name. You get the exact same write-offs for expenses and Continue Reading ...

New Documentation Requirements

Posted on: January 8, 2019 by in Tax Season
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With the Tax Cut and Jobs Act (TCJA aka Trump Tax Reform), there were a lot of changes to tax regulations. The one that will impact the most people is the new documentation requirements for dependents and filing status. Essentially, you will need to be able to prove that your dependents live in your household during the year. Under the old rules this was restricted to just certain cases, but now it is a requirement for pretty much everyone that has dependents. So for each Continue Reading ...

Your Taxes and the 2019 Government Shutdown

Posted on: January 8, 2019 by in Tax Season
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As you have no doubt seen in the news, the Federal Government is currently shut down. That includes the IRS. There have been several statements by different agencies over the last few days regarding whether refunds will be processed in a timely manner or not. Currently, they are claiming that we will be able to start electronically filing on Jan 28 and that refunds will not be delayed. We will have to wait and see how the situation Continue Reading ...

Cryptocurrency Taxes – What You Need to Know

Posted on: January 3, 2018 by in Virtual Currency
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[embed]https://youtu.be/7EWoRYC2Ung[/embed] Virtual currencies and their associated blockchain technology are poised to revolutionize money, banking, and transfers of title of all kinds. But there is a lot of confusion when it comes to these digital assets and income taxes. With the news of the tax reform act of 2017, everybody is really concerned about virtual currency or crypto currencies and taxation.  Whether you hold bitcoin, lightcoin, dash, ethereum, or any of the other altcoins, Continue Reading ...

W-2s and Verification Codes

Posted on: July 28, 2017 by in Tax Season
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When Mark and I went to the IRS Forum to hear the updates from the IRS this year we learned that the W-2 Verification Program is being enlarged and enforced starting with the Tax Year 2017 filing season. Roughly 1 in 3 W-2s issued for Tax Year 2017 is going to have a 16-character verification code in Box 9. These codes are an effort on the part of the IRS to make sure people do not file fake W-2s in order to fraudulently claim tax credits. What does this mean for you? It means that we Continue Reading ...

Important Announcement for Filing Season

Posted on: November 22, 2016 by in Tax Season
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In December of 2015, Congress passed a law called the Protecting Americans from Tax Hikes Act of 2015. This law made a lot of things that Congress had to renew each year permanent. That made our lives as tax preparers a lot easier. What was overlooked by many was a small change on page 94 of the bill. This change in Section 201(b) of the bill states: EARLIEST DATE FOR CERTAIN REFUNDS.—No credit or refund of an overpayment for a taxable year shall be made to a taxpayer before the 15th Continue Reading ...

LLC or Corp? S, C, Disregarded, Partnership? A Quick Guide to Entity Tax Structures

Posted on: July 27, 2016 by in LLCs
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So I get a lot of questions about whether someone should open an LLC or a corporation. What are the differences, which is better for me, etc etc. In this post I'm going to give you a quick run-down of the differences between LLCs and corporations and the different tax structures that can apply to each. Corporations Corporations are the gold-standard when it comes to entity formation. They have been around for centuries and the case law from that long history is very reliable. This means Continue Reading ...

How Do I File My LLC Taxes?

Posted on: December 23, 2015 by in LLCs
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I got this question from a client that we get frequently: Tax question when you get a sec... my friend created an LLC for his "production" company.. him and his wife are "actors" when they were getting an EIN it' asked if they wanted to be considered a single member llc since they are married, or a two member llc something about a disregarded entitie if they chose 1 member...any idea about the tax advantages of one vs the other? If they choose to be a single-member LLC that is being Continue Reading ...