If you currently own a property that you are thinking about selling, then you might be interested in using the proceeds to purchase another piece of property. People who like investing in investment properties often make these types of decisions, and you might have found yourself in a situation in which you want to do something similar. This is commonly known as a reverse 1031 exchange. A reverse 1031 exchange is an excellent financial move for many people to make, but it has to be done the right way. Read More»
Every business should strive to file accurate income tax forms. And this usually means that what’s reported for tax purposes matches what the company’s (or owner’s) accounting books also show. But are there times when your tax reporting may differ from your company’s financial statements? And if so, how can you guarantee the correctness of both sets of statements? Here’s what you need to know.
Can Tax Reporting Differ From Bookkeeping? Read More»
Doing your own taxes can be stressful and complicated. This may be especially true if you had a complex tax situation over the past year, such as a change in employment or income from freelance work. The best way to get the help you need to file your taxes accurately is to work with a tax preparation service. With this type of service, you’ll get dedicated help preparing your taxes from an experienced professional. Read More»
Legally, corporations and individuals must pay taxes on property they own. Individuals and corporations pay property tax on land, property value, and tangible personal property, depending on the jurisdiction. Thus, property owners require extensive tax knowledge to ensure compliance and avoid issues like penalties. Furthermore, property owners need tax knowledge to take advantage of deductions and exemptions. Property tax services employ professional tax advisors, accountants, and lawyers to offer clients services, such as assessment and appeals, strategic tax planning, and tax advisory services. Read More»
Do you plan to complete a 1031 (like-kind) exchange for a rental property? This legal method for delaying taxes until a time that works better for your finances is an important tool for many rental property owners. And you have even more choice during 2021 due to new IRS rules that allow you to delay your exchange even longer than normal.
But should you wait to complete your transaction? Maybe not, and here are a few reasons. Read More»
