Article Highlights:
$25,000 Rental Passive Loss Limitation
Unlimited Losses When Qualifying as a Real Estate Professional
What is Material Participation?
Navigating the Rules
Examples
The intricacies of tax law, particularly…
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Article Highlights:
Qualifications
Tax Home in a Foreign Country
Foreign Earned Income
Bona Fide Residence Test
Physical Presence Test
Foreign Housing Exclusion and Deduction
Married Couples
Self-Employed Individuals
…
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Article Highlights:
What is a Sec 529 Plan?
Tax Benefits of Sec 529 Plans
Funding a Sec 529 Plan
Who Can Contribute to a Sec 529 Plan
Gift Limitation and the 5-Year Option
Form 709 and Making Up Contributions
Higher Education…
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Article Highlights:
Understanding the Threats
Common Scams Targeting Seniors
Awareness and Protection Strategies
Tips for Caregivers
Key Points to Remember
IRS Advice and Resources
Key IRS Recommendations
What to Do…
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August 2024 Individual Due Dates
August 12 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than…
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In today's competitive business landscape, providing an exceptional customer experience (CX) is no longer a luxury—it's a necessity. Companies that prioritize CX not only foster customer loyalty but also see significant improvements in their…
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Article Highlights:
Definition of a Dwelling Unit
The Augusta Rule
Personal Use Days
Taxpayer Uses It Over 10% of the Rental Days
Definition of Rental Days
Definition of Personal-Use Days
Fix-Up Days
Allocating Expenses
…
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Dealing with the IRS can be a daunting experience, especially when you receive an audit notice. Understanding the different types of IRS audits and what each entails can help you navigate the process more effectively. However, it's crucial to…
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Proper accounting is the backbone of any successful small business. It ensures that your financial records are accurate, helps you make informed decisions, and keeps you compliant with tax regulations.
However, many small business owners,…
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Property taxes are a significant financial burden for many Americans, particularly senior citizens. Rising property taxes have begun to jeopardize the financial stability of older adults living on fixed incomes. In response, some states are…
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Unlimited Deductions: How Landlords Can Navigate Beyond the $25,000 Loss Limitation
Finance Tips, Rental PropertyCash In on Global Wealth: How Working Abroad Can Slash Your Tax Bill and Expand Your Horizons
Finance Tips, Personal Finance, Tax TipsEducation Savings: How a Sec 529 Plan Can Transform Your Family's Future
UncategorizedProtecting Our Seniors; Understanding and Preventing Scams
Retirement, ScamsImportant August 2024 Due Dates
2024 Due DatesInvest in Customer Experience to Boost Your Bottom Line
Business Development, Entrepeneurship, Finance TipsBoost Your Income: How Renting Your Vacation Home Can Maximize Your Earnings and Minimize Your Taxes
Rental PropertyUnderstanding the Types of IRS Audits: Why Professional Help is Essential
AuditTop 5 Accounting Mistakes Small Business Owners Make and How to Avoid Them
Accounting, Small BusinessCan States Save Seniors? Fighting the Rising Costs of Property Taxes
Real Estate, Retirement, Tax Tips