by Pierre Philantrope | Sep 20, 2023 | Tax Tip
You can have in your real estate portfolio both investor and dealer properties. This distinction is significant for tax purposes. Here is a snapshot of the potential tax differences: Suppose you profit $90,000 from a property sale: As a dealer, your tax...
by Pierre Philantrope | Sep 13, 2023 | Tax Tip
The distinction between repair expenses and improvement costs can impact your tax benefits. The tax law categorizes repair and improvement costs differently. Repair expenses are generally more beneficial for tax purposes, providing greater after-tax cash value than...
by Pierre Philantrope | Sep 6, 2023 | Tax Tip
Taxpayers in many situations are receiving notices of tax due from the Internal Revenue Service after filing a tax return, when they did not file, when they did not pay, or when they fail to deposit employment tax (TFR- Trust Fund Recovery). Unfortunately, many...
by Pierre Philantrope | Aug 30, 2023 | Tax Tip
The ability to deduct the costs of your real estate seminars, boot camps , or similar expenses largely depends on the nature of your real estate activities. Are they considered a business or an investment? This distinction is crucial for understanding your tax...
by Pierre Philantrope | Aug 23, 2023 | Tax Tip
If you operate your business as a C or an S corporation, and if you loan money to the corporation or the corporation loans money to you, you need documentation that the loan is indeed a loan. With the S corporation, the loan that fails as a loan can result in taxable...
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