November 14, 2018

The first good news is that you can be both real estate investor and real estate dealer with respect to your real estate portfolio.

The next good news is that you are in control, and by knowing just a few rules about dealer and investor classifications, you can do much to increase your net worth.

Let’s take a quick look at how big a difference you can make in the tax bite. Say you have a $90,000 profit on the sale of a property.


September 11, 2018

Tax reform changes the alimony game. This may or may not have any relevance to you, but if it does, you will want to move quickly.

The Tax Cuts and Jobs Act (TCJA) eliminates tax deductions for alimony payments that are required under post-2018 divorce agreements. More specifically, the TCJA’s new denial of alimony tax deductions applies to payments required by divorce or separation instruments

•             executed after Decem...

August 10, 2018

Dear Friends:

The days when you could convert your rental property or vacation home to a principal residence and then use the full $250,000/$500,000 home-sale exclusion to avoid taxes are gone.

Here’s how the $250,000/$500,000 exclusion works today. You must divide your period of home ownership into two categories—qualified and nonqualified use:

  • Qualified use means the time you or your spouse use the home as your principal re...

August 1, 2018

Dear Friends:

You probably like your personal vehicle just as it is.

But wouldn’t you like it far better if it were producing tax deductions? Perhaps big deductions, immediately.

And the Tax Cuts and Jobs Act (TCJA) gives you the tax reform road map on how to do this.

Of course, to make this happen, you need to strip your personal vehicle of its personal status and re-dress it as a business vehicle. 

In its new business dress, your...

May 30, 2018

Now that school’s out, many students will be starting summer jobs…from working at a summer camp to being an office intern. The IRS reminds students that not all the money they earn may make it to their pocket. That’s because employers must withhold taxes from the employee’s paycheck. Here are a few things these workers need to know when starting a summer job:  

  • New employees. Students and teenage employees normally have tax...

May 3, 2018

One of the most "under-collected" credits in the US tax system is an "education credit". This is due to two common myths:

1. All professionals are the same. Price doesn’t reflect the quality. The cheaper, the better.  Have we all forgotten about how competitive tax preparation business is? 

2. Why contact a tax professional if you can do it cheaper (and even free) using a tax preparation program? 

As for the first myth, mor...

October 20, 2017

The IRS just announced that for the upcoming 2018 filing season, the IRS‎ will not accept electronically filed tax returns until the taxpayer indicates whether they had coverage, had an exemption or will make a #shared_responsibility_payment. In addition, returns filed on paper that do not address the health coverage requirements may be suspended pending the receipt of additional information and any refunds may be delayed.


October 10, 2017

Do you know that you can earn tax-free money if you rent your home less than 15 days a year? It has become very popular in Southern California and in rest of the world to supplement income by renting out your own home, a guest house, or just a room for few days or weeks at a time.

To simplify IRS rules for you, here is a summary of Vacation Home Rentals Rules for Primary Personal Usage:

  • Rented less than 15 days

  • There is...

September 14, 2017

If you give gifts in the course of your trade or business, you can deduct all or part of the cost. You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year. Incidental costs, such as engraving on jewelry, or packaging, insuring, and mailing, are generally not included in determining the cost of a gift for purposes of the $25 limit. Example. Bob Jones sells products...

September 7, 2017

Taxpayers may be able to deduct certain expenses of moving to a new home because they started or changed job locations. Use Form 3903, Moving Expenses, to claim the moving expense deduction when filing a federal tax return.

Home means the taxpayer’s main home. It does not include a seasonal home or other homes owned or kept up by the taxpayer or family members. Eligible taxpayers can deduct the reasonable expenses of moving hou...

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