Preparing the Form 656
Preparing Form 656 and Supporting Documentation in Filing for an Offer for Compromise of Back Taxes An Offer in Compromise (OIC) is a tax settlement offer provided by the IRS to taxpayers, both...
View ArticlePurchasing a Dental Practice: What to Know
Deciding where to buy, how to go about it, and what kind of dental practice to purchase is an important step in the career of a dentist. There are many essential decisions to make and key factors to...
View ArticleRental Property Ownership
Let’s launch off by taking a look at the different entity selection types that are available. Each has positives and negatives. As a rule of thumb, you’ll aim to protect your property from unsecured...
View ArticleApplicable Deductions within Startup Expenses
This segment looks at deductible startup expenses for rental properties. You are permitted to deduct a number of expenses incurred in preparing your property for rental, but prior to renting it. NOTE:...
View ArticlePart 1: Tax Deducible Rental Property Expenses
There are several deductible expenses connected to owning a rental property. In this article we will expand on expenses regarding interest, advertising, and professional fees, that is expenses you may...
View ArticleHome Office Deductions for Landlords
A large number of business owners are leery of home office deductions, concerned that these deductions are more likely to spur an IRS audit. The IRS claims there is no meat to this. Whatever the case,...
View ArticleRequired Tax Documents Concerning Reporting Rental Property Income and Expenses
This important brief article focuses on the many Revenue Service tax documents you will require as a property manager so that you can properly record, and report, your rental property revenues to the...
View ArticleAutomobile and Local Area Transportation Rental Residence Business Expenses...
When the specific transport expenses of your own personal vehicle or another car are regular, vital, and reach a few particular criteria, then they may be deducted. Certain expenditures that you’ll be...
View ArticleDeductions for Rental Property Expenses, part 2
You’ll want to check that all of the professional services and costs are set up adequately and accurately reported for the requirements of taxation conformity, now that you have decided to lease...
View ArticlePrivate Use of Rental Property
Private Use of Rental Property The guidelines associated with the personal and leasing utilization of premises are included in this article in the Landlord’s Tax Guide. This may be either because you...
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