House Bill (HB) 3427A, a bill that would create an Oregon corporate activity tax (CAT), passed in the state house and senate. It’s now expected to be signed into law by Governor Kate Brown. The CAT is in addition to the state’s current corporate net income excise tax and gross receipts-based minimum tax regimes. The […]
How to Prepare for Oregon’s New Corporate Activity Tax Read More »
CPAs need to be aware of current developments in key states in order to properly advise their clients that engage in business in multiple jurisdictions. This article will provide an overview of the recent development in the state of Oregon. On May 16, 2019, Oregon Governor Kate Brown signed into law House Bill 3427, which
Oregon’s New Commercial Activity Tax Read More »
Real estate depreciation can save you money at tax time Real estate depreciation is an important tool for rental property owners. It allows you to deduct the costs of buying and improving a property over its useful life and lowers your taxable income in the process. KEY TAKEAWAYS Rental property owners use depreciation to deduct the costs of buying
How Rental Property Depreciation Works Read More »
What’s not to love about tax season? The chill you get when you realize you owe the IRS thousands, the fear that you may be getting a bit too aggressive on your deductions, the fleeting hope you’re due for a big return … that’s dashed when you end up with $2… OK, so maybe only accountants love tax season. And here’s another
5 Things Your Accountant Wishes You Knew About Owning a Home Read More »
Successful real estate investors are those who do the essential things right. For instance, business structuring, tax preparation, and deductions management are vital aspects of the real estate business that must be handled scrupulously. And it is on these vital aspects that smart investors outdo the rest of the competition by enlisting the services of professional real estate accountants.
Why You Definitely Need a Real Estate Accountant Read More »
Investment properties come with an incredible number of tax advantages. In addition to all the deductible expenses, real estate investors enjoy far more tax benefits than the typical side hustle allows. In my home city of Baltimore, a self-employed person in the top tax bracket faces an income tax liability of over 60%, while the top
11 Ways to Significantly Lower Your Taxes as a Real Estate Investor Read More »
The U.S. tax code can be quite complex in many areas, and real estate is certainly one of them. For one thing, you may have to worry about paying taxes when you sell a property, but the tax treatment depends on the nature of the property, how long you held it for, and a few
Real Estate 101: How Is Real Estate Taxed? Read More »
Owning real estate is a business just like any other business in that you’re in it to profit. There are three tried-and-true ways to make money–cash flow from monthly rents, appreciation upon resale and tax benefits. Most people know about the first two, but not as many think about the third. The tax code changes
How Can a Small Real Estate Business Owner Save on Taxes? Read More »
Working in the construction industry will generally create a number of tax deductions. Whether it is traveling to a job site or buying tools to complete a project, you can deduct most of the costs you incur working in construction. By understanding the types of expenses that create a deduction and how to properly document
Tax Deductions for Small Construction Companies Read More »
The average homeowner can’t generally claim a tax deduction for repairs or maintenance to his property, although some isolated energy-related tax credits are available. Sole proprietors, businesses, and rental property owners can deduct expenses for repairs and maintenance of their property and equipment, however. The IRS tightened up the rules for how repairs and maintenance expenses can be deducted in 2014, but
Tax Rules for Deductions on Repairs and Maintenance Read More »
