A large number of business owners are leery of home office deductions, concerned that these tax write-offs are more likely to encourage an IRS audit. The IRS claims there is no meat to this. In any case, follow the rules and you should have no concerns. Active owners of a rental property may
Tax Deductible Rental Property Expenses, Part 1
There are many deductible expenses connected with owning a rental property. In this article we will focus on expenses regarding interest, advertising, and professional fees, these are expenses you may deduct from your gross rental income so as to calculate your net rental income. Interest The
Deductions within Startup Expenses
This write-up concentrates on deductible startup expenses for rental properties. You could be allowed to deduct a number of expenses incurred as you prepare the property for rental, but before renting it. NOTE: These startup expenses outlined within this write-up will not be the same types of
Ownership of Rental Properties
Let's launch off by looking at the various entity selection types available. Each has benefits and drawbacks. As a rule of thumb, look to protect your property from unsecured creditors and limit your liability. So let's lay out the list and see what we've got here... Note: When forming an entity,
Dental Practice Purchase –Before you buy
Deciding where to buy, how to go about it, and what kind of dental practice to purchase is a very important step in the career of a dentist. There are many essential decisions to make and key factors to examine as you search for the perfect dental practice that meets all of your needs. Take your
Small Business Webcast
Small Business Webcast is a great place for people to come for free continuing education on several elements important to small business. Its mission is to promote the health and wealth of small business. One of the excellent resources the site has to offer is its recorded webcasts on a variety of
Seattle Paid Sick and Safe Time
Seattle Paid Sick and Safe Time Starting September 1, 2012, employers are required to provide paid sick and safe time to their employees who work within Seattle city limits. Employees are eligible for paid sick and safe time if work is performed on a full-time, part-time or temporary basis,
Preparing Form 656
Preparing Form 656 and Supporting Documentation in Seeking an Offer for Compromise An Offer for Compromise (OIC) is a back tax debt settlement offer provided by the Internal revenue service to taxpayers, either an individual or a business unable to pay their tax dues in full. There are certain