Most commercial building owners are grossly overpaying federal income taxes because they are not depreciating their property as quickly as they should. A cost segregation study allows property owners to defer and reduce federal income taxes. When adequately performed by an appraiser with expertise in cost segregation, this conservative tax planning tool reduces federal income… Continue reading Is A Cost Segregation Study Right For You?
Category: Tax
Understanding Employee Taxes
Employee taxes can be among the most difficult to understand when running a business and hiring employees. If you don’t understand the complexities involving employee payroll tax, it can also get you into a heap of trouble. The first employee tax factor you should understand is what taxes you are responsible for as an employer.… Continue reading Understanding Employee Taxes
Employee Payroll Tax – What You Need to Know
Employee taxes can be among the most difficult-to-understand areas of running a business and hiring employees. If you don’t understand the complexities involving employee payroll tax, it can also get you into a heap of trouble. The first employee tax factor you should understand is what taxes you are responsible for as an employer. There… Continue reading Employee Payroll Tax – What You Need to Know
Where To Find Basic Tax Information
The Federal, State, and local Governments have established a long list of publications to help taxpayers learn about the tax system. Businesses need access to various tax services to perform daily business operations; these publications will teach small business owners how to fill out tax forms correctly. Tax services are free to those who contact… Continue reading Where To Find Basic Tax Information
What You Need To Know About Tax Preparers
Nothing leads to more gnashing of teeth than the thought of preparing your taxes. Fortunately, there are people out there that do it for a living. Here Are My Receipts If the thought of preparing your taxes makes you queasy, don’t worry. Preparing your taxes is a job that can be shipped out to others.… Continue reading What You Need To Know About Tax Preparers
When Should You Hire A Professional To Do Your Taxes?
If you’re not sure whether you have a simple tax return you can do yourself, or you wonder about missing significant tax advantages or are concerned that you might be making mistakes, use the checklist below from the American Institute of Certified Public Accountants to help you decide whether you should hire a certified public… Continue reading When Should You Hire A Professional To Do Your Taxes?
Tax Advantaged Medical Plan Basics
Do you have medical expenses that you incur every single year? Do you always use up your entire medical insurance deductible on co-pays? If so, a couple of medical saving plans available would allow you to use tax-free money to pay for your medical expenses. That is an automatic 28%+ savings! Every time you pay… Continue reading Tax Advantaged Medical Plan Basics
1031 Exchange FAQ’s
After years of conducting tens of thousands of successful 1031 exchanges, we found that there are several frequently asked questions related to this type of transaction… Equity and Gain Is my tax based on my equity or my taxable gain? Tax is calculated upon the taxable gain. Gain and equity are two separate and distinct… Continue reading 1031 Exchange FAQ’s
Should I Take Standard Mileage Deduction Or Actual Expenses for My Vehicle?
Folks who use their vehicles for business or have vehicles dedicated to the business can deduct the mileage for business travel. A standard mileage deduction can be claimed on your tax return, as well as an actual expense option. Which is better? Read on to decide for yourself. If you use a car, truck, van,… Continue reading Should I Take Standard Mileage Deduction Or Actual Expenses for My Vehicle?
1031 Exchange Capital Gains Tax Deferral
With the booming property prices of recent years, more and more people are facing large tax bill when they come to selling their investment properties. However, did you realize there is a perfectly legal way of deferring payment of such taxes by utilizing the advantageous 1031 tax code that the IRS introduced in the early… Continue reading 1031 Exchange Capital Gains Tax Deferral