Tax Benefit of Separating Repairs from Improvements

There’s a world of tax difference between repairs to real estate property and capital improvements. And it’s not just semantics. The characterization could result in an increase or decrease of thousands of dollars on your tax return. Basic premise: Repairs are currently deductible in full and can be used to offset the tax from rental income. On the other hand, Read More

Tax Laws for Pass-Through Entities

Under the new tax laws, the rules for pass-through entities have made the climate a bit more favorable for these types of corporations. It’s also a bit more complex. Pass through entities include sole proprietorships, partnerships, certain LLCs, and S-corporations. Knowing which type is best for your situation depends on several factors. New Income Deduction Read More

Overview of the tax provisions in the 2012 American Taxpayer Relief Act

The recently enacted 2012 American Taxpayer Relief Act is a sweeping tax package that includes, among many other items, perment extension of the Bush-era tax cuts for most taxpayers, revised tax rates on ordinary and capital gain income for high-income individuals, modification of the estate tax, permanent relief from the AMT for individual taxpayers, limits Read More