Some companies may seem to escape death, but they will never be able to escape taxes. That doesn’t mean there aren’t some tax benefits that only the corporations are getting. Companies are tempted to incorporate for several reasons, but taxes are often the primary motivator. But why? Well, it’s essential to note that incorporation only… Continue reading Are There Tax Benefits To Incorporation?
Category: Tax
Benefits of A 1031 Exchange
A 1031 exchange is a powerful tool that can be used to defer taxes on the sale of an investment property. By reinvesting the proceeds from the sale into a new property, investors can avoid paying capital gains taxes on the sale. This can provide a significant tax benefit, which can be used to grow… Continue reading Benefits of A 1031 Exchange
1031 Exchange Basic Info
‘In this world,’ said the great Benjamin Franklin, ‘nothing is certain but death and taxes.’ While modern medicine continues to work on a cure for mortality, 1031 exchanges offer a valuable mechanism against the foibles of the taxman. Allowing the exchange of one property for another, this property market trend can help you hold on… Continue reading 1031 Exchange Basic Info
Tax Jokes – ‘Tis The Season!
It’s the season for tax preparers everywhere to get busy doing your returns. In the spirit of levity, here’s a few bad tax jokes for all of us dealing with taxes (which is every American adult)… Do you realize that some tax forms ask you to check a box if you are BLIND? Quote: “Two… Continue reading Tax Jokes – ‘Tis The Season!
Real Estate Tax Traps
Perhaps one shouldn’t be surprised that new real estate investors repeatedly fall into the same tax traps. With some tricky tax accounting, real estate burdens investors—especially new investors. But just because some other newbie makes these mistakes doesn’t mean you need to. You need to know where the traps are so you avoid them. And… Continue reading Real Estate Tax Traps
401k Plan Basics
Many employers offer 401(k) plans to help their employees save for retirement. However, there is much to learn about the 401(k) – details and explanations that will help someone decide whether a 401(k) is right for them. Most employers provide tax-deferred investing to their employees in the form of 401(k), which also helps to lower… Continue reading 401k Plan Basics
7 Tax Prep Tips
Well, it’s that time again — tax time. It’s time to gather all those rumpled receipts from the shoe box and straighten them out. Whether you are doing your taxes or having the service performed by someone else, getting your papers in order beforehand will help. Here are some tips for tax preparation: 1. Gather… Continue reading 7 Tax Prep Tips
Depreciation of Computers and Mobile Phones
Keeping up with the latest and most excellent devices can be challenging with the ever-changing technology landscape. But when it comes to your business, it’s essential to know how depreciation rules for electronics can affect your bottom line. Here’s a quick overview of what you need to know about this significant tax deduction. The depreciation… Continue reading Depreciation of Computers and Mobile Phones
When Do I Need To File an Income Tax Return?
The Internal Revenue Service (IRS) requires you to file a federal income tax return if your income meets certain thresholds. The amount you make each year generally determines whether you must file a return. If you are unsure whether you need to file, the IRS has a handy tool called the “Do I Need To… Continue reading When Do I Need To File an Income Tax Return?
Paying Taxes With Your Credit Card is a BAD Idea
If you own your own business or have not been deducting enough from your weekly paychecks, you will probably owe some income taxes when tax time rolls around. This is never fun, and if you do not have the money in your checking account right now, you might be tempted to pay the taxes with… Continue reading Paying Taxes With Your Credit Card is a BAD Idea