Tax Preparation and Consulting, Financial Counseling and Education
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The Tax Cuts and Jobs Act (TCJA) went into effect in 2018. One good thing about this change in tax law was that QBI offered up to a 20% deduction from qualifying income, so that taxes could be substantially lower for qualifying business activity. In many cases military landlords can qualify for this deduction. For …
We military landlords tend to want to maximize deductions and minimize taxes. That is probably true of all taxpayers. I know I haven’t had a client yet who said they wanted to pay more in taxes than was required. For the purposes of this article, surviving an audit means walking away without any additional taxes, …
Depreciation is often a new concept for landlords and unfortunately many landlords, experienced and inexperienced, have mistakes in this area of taxes. Depreciation can be defined as “a reduction in the value of an asset with the passage of time, due in particular to wear and tear”. Usually (or maybe often or maybe traditionally, I’m …