Tag: Tax
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The Hands-On Landlord Advantage: How Active Participation Unlocks the $25,000 Rental Deduction
Read More: The Hands-On Landlord Advantage: How Active Participation Unlocks the $25,000 Rental DeductionRental losses are usually “passive,” which means you can’t deduct them against wages or business income. Congress built a narrow escape hatch for involved owners: if you actively participate in managing your rentals, IRC §469(i) allows up to $25,000 of losses to offset other income. The allowance phases out as AGI rises from $100,000 to…
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How to Stop Losing Money: The Bookkeeping Mistakes That Wreck Your Tax Return (and How to Fix Them)
Read More: How to Stop Losing Money: The Bookkeeping Mistakes That Wreck Your Tax Return (and How to Fix Them)Executive Summary Running a business means wearing many hats—but bookkeeping doesn’t have to be one you dread. At tax time, your preparer needs a profit and loss statement (P&L) and a balance sheet to get the job done right. These reports don’t just keep the IRS happy—they help you see if your numbers add up.…
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Capital Loss on Estate’s Sale of a Decedent’s Home
Read More: Capital Loss on Estate’s Sale of a Decedent’s HomeStepped-Up Basis and Loss Recognition When a person dies, their property generally receives a stepped-up basis (or stepped-down if applicable) to its fair market value (FMV) as of the date of death. In the case of a home, the estate’s tax basis in the property becomes the appraised date-of-death value. If the estate later sells the house…
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The Hands-On Landlord Advantage: How Active Participation Unlocks the $25,000 Rental Deduction
Rental losses are usually “passive,” which means you can’t deduct them against wages or business income. Congress built a narrow…
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Do You Really Need a CPA? Clearing Up Common Misconceptions
Do I need a CPA? Small business owners often wonder if they must have a Certified Public Accountant (CPA) for…
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How to Stop Losing Money: The Bookkeeping Mistakes That Wreck Your Tax Return (and How to Fix Them)
Executive Summary Running a business means wearing many hats—but bookkeeping doesn’t have to be one you dread. At tax time,…
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