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When it comes to managing your finances, especially your investments, understanding the various types of taxes you may be subject to is crucial

Bad business partners are more prevalent than many people realize, and their negative influence can be profound.

Oregon is a stunning state known for its gorgeous coastline and the significant perk of having no sales tax—a policy that’s been in place since a constitutional amendment in 1910.

A detailed breakdown of the Harris tax program.

The Tangible Property Regulations (TPRs), made mandatory in 2014, represent one of the most significant changes in tax law since 1986.

To begin with, there are three primary forms of income: earned income, passive or unearned income, and investment income.

The Tangible Property Regulations (TPRs), enacted in 2013, set the rules for determining whether changes, improvements, renovations, repairs, and maintenance performed on any asset after it’s put in service should be depreciated or expensed.

Depreciation acknowledges the normal wear and tear that occurs from the usage of the building.

In our previous blog, we delved into the self-rental trap that ensnares many business owners.

The passive versus non-passive income portion of the tax code is one of the most misunderstood portions of the code.

Changing your method of accounting under the Internal Revenue Code often involves altering how you handle specific expenditures.

Building owners and investors looking to avoid long-term capital gains on real estate properties usually see only a §1031 Exchange as an option.

Many hobbies are challenging to differentiate from a trade or business. A trade or business can take tax deductions, but hobbies generally cannot.

In some instances, cost segregation just doesn’t make sense.

Bonus depreciation, in some form, has existed since 2001. It was implemented to stimulate the real estate market by allowing owners and investors to accelerate a portion of a new building’s depreciation.

Understanding Social Security benefits can be challenging.

All taxpayers must include distributions (minus the cost (basis) from certain retirement plans or annuities into their gross income. But it gets complicated after that.

Are you going to be selling stocks, a business, or possibly real estate in 2024? Before selling, it is critical that you understand the difference between long-term and short-term capital gains.

The RABI rules are essential because they determine whether an expenditure on a building after it’s placed in service needs to be expensed or capitalized.

Calculating land and building values is the first critical step you must take when you want to maximize your depreciation expense.

And what does bonus depreciation mean for real estate owners?

The bill with the extension of bonus depreciation is called the Tax Relief for American Families and Workers Act of 2024.

One of the most common and contentious questions we hear as real estate tax experts is, “When should I put my building in service?”

February is recognized as National Enrolled Agent Month, a time to celebrate and acknowledge the crucial role that enrolled agents play in the field of taxation.

When a taxpayer disposes of a portion of an asset, in this case, a building, the trash from the old building sections can be expensed. You read that right.

One of the safe harbors is called the de minimis safe harbor (DMSH), and it was designed for small expenditures, helping not only the Service but also the taxpayer.

Passed in 2013, the Final Tangibles Property Regulations apply to all taxpayers who own tangible property. Tangible property is described as anything that can be touched, includes both real and personal property, and is the opposite of intangible property.

Are you going to be selling stock, assets, or possibly real estate in 2024? It is imperative that you understand the difference between long-term and short-term capital gains before selling.

This small taxpayer safe harbor (STSH) under §1.263(a) – 3(h), is an overlooked and misunderstood tax saving opportunity which allows many repairs that would normally be depreciated in the current tax year, to now be expensed.