Tax Time Is Around the Corner! Are You Ready?
Tax time is just around the corner, and if you are like most taxpayers, you are finding yourself with the ominous chore of pulling together the records for your tax appointment. The difficulty of this task depends upon how well you maintained your tax records throughout the year. No matter how good your record keeping was, arriving at your tax appointment fully prepared will give us more time to: Consider every possible legal deduction; Evaluate which income reporting methods
Important - Rental Owners! Guidance Related to the 20% Pass-Through Deduction
Ever since tax reform was passed, over a year ago, taxpayers have been uncertain whether rental property will be classified as a trade or business for purposes of qualifying for the new IRC Sec 199A 20% pass-through deduction (commonly referred to as the 199A deduction).
Finally, on January 18, 2019, the IRS issued a notice which provided “safe harbor” conditions under which a rental real estate activity will be treated as a trade or business for purposes of the 199A deduc
