How the Internal Revenue Service defines and calculates different types of income affects the taxes you owe. Modified adjusted gross income (MAGI) is one of them. MAGI also decides...
Posted by Pat Raskob on 08/11/2022
Tax advisors are involved in all aspects of their clients' personal and financial lives, and when a taxpayer dies, they can be one of the most valuable family counselors. Although...
Posted by Dennis Jao on 10/14/2020
You might have a home where you stay for some time in a year while you rent it for the other part of the year. Doing this means you have to prorate the incurred expenses between rental...
Posted by Tucker Accounting Services LLC on 02/04/2021
As a homeowner, it's imperative to know and understand the taxes you can deduct from your taxes because they will help you reduce your taxable income and reduce your tax burden....
Posted by Flynn Financial Group Inc on 10/29/2019
When it comes to tax treatment, there is a difference between unreimbursed business expenses for partners and S corporation shareholders. Also known as ordinary and necessary expenses,...
Posted by Elliot Kravitz, ATP on 04/17/2019
Purchasing rental investment properties can provide you a source of additional income to benefit your financial health now and in the future. But that rental income can also bring...
Posted by Plymouth Income Tax Consultants on 06/09/2016
Investing in rental properties can be a significant income stream or provide an income supplement throughout the year. However, this investment also comes with potential tax implications,...
Posted by Precision Financial Services on 03/19/2016
Choosing to invest in real estate comes with its own pros and cons that need to be considered. The IRS has some specific rules or guidelines for investment real estate that could impact...
Posted by Plymouth Income Tax Consultants on 03/19/2016
Investing in rental properties can be a significant income stream or provide an income supplement. However, this investment also comes with potential tax implications. Working with...
Posted by 1-2-3 Financial Services, Inc. on 03/19/2016
