The deadline for filing taxes is quickly approaching. There are many reasons people miss the deadline for filing taxes and the IRS, in most cases, understands this; it's why they have the Form 4868 available. If a person is unable to complete their taxes by April 15 then they can request a six month
How much should I save if I’m 1099?
There are a number of benefits to working for yourself. Being able to control your income, being able to work when you want to and having to answer to no one are big reasons why people opt to work for themselves. But with the sweet comes some of the sour and one of the difficult parts of owning your
How are Startup Expenses Treated for New Rental Properties
Most real estate investors need to spend some money to get their business started. The costs incurred before they are actually in business are known as start-up expenses. Special tax rules and regulations govern the deductions for a rental property as well as other related costs. If you are not
How You Can Deduct Expenses for Your New Rental Property
Landlords and property owners are looking at a tax deduction to lower their taxable income. They are looking at their expenses for the past year and noting what can be deducted from their gross income. Through deductions, the taxes they owe the government will be drastically lowered, and would
What the Right CPA for Your Real Estate Business Can Provide
The right Certified Public Accountant (CPA) can do wonders for your real estate business whether you are renting out one small property or have a large amount of real estate to lease. Their cost is typically marginal to the amount of value that they can present to your business and they add
Laws That Will Affect Your 2018 Tax Return
Congress has passed the largest piece of reform legislation in more than three decades. The Tax Cuts and Jobs Act (TCJA) went into place on the 1st of January, 2018. This means that the changes on this Act will affect the incomes of most taxpayers for the 2018 year. It may not be clear to some how
Do I Have To File Taxes?
You've probably heard it's tax filing season again. Like clockwork, it is back and you have seen the marketing efforts by companies notifying you to file your tax return: television commercials, pandora ads, billboards shouting for you to file your return. Do you find yourself left baffled at the
How The Shutdown Affects Your Tax Filing
We have all been affected by the government shutdown in one way or another. One thing you may be worrying about is how the shutdown (of a record 34 days) affects your taxes this year. Fortunately, income-tax season opened on January 28. Because of the shutdown there are some things that you need to