Qualified Business Income ( 20% QBI) deduction for Rental Properties and Real Estate Professionals

Earlier this month, the Treasury Department and the Internal Revenue Service issued final regulations regarding the new 20% deduction on qualified business income Sec 199A.

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Record keeping Requirements for Federal Income Tax – IRS

Why should I keep records?

Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns. Continue reading “Record keeping Requirements for Federal Income Tax – IRS”

2019 Quarterly Estimated Tax Payments Due to the IRS – Individuals

For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you don’t pay enough tax by the due date of each payment period, you may be charged a penalty even if you’re due a refund when you file your income tax return at the end of the year.

If you mail your estimated tax payment and the date of the U.S. postmark is on or before the due date, the IRS will generally consider the payment to be on time. If you use IRS Direct Pay, you can make payments up to 8 p.m. Eastern time on the due date. If you use a credit or a debit card, you can make payments up to midnight on the due date.

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Business Expenses vs. Assets | Is there a difference according to the IRS? and Tax Reform changes.

Business owners often think that if they pay money for anything that is business related it’s a business expense; while this is often true, sometimes it’s not. If the expenditure falls under a different IRS definition it could cause different deductability rules and limits to be applicable. Therefore, putting the business owner at risk of an audit do to over stating business expenses. This may result in unnecessary penalties and interest along with an increase in tax liability for the year in question.

Prevent that from happening to your business by understanding the difference of these expenditures.   Continue reading “Business Expenses vs. Assets | Is there a difference according to the IRS? and Tax Reform changes.”

Tax Reform Changes to Individual Tax Payers Tax Returns through 2025

Like mentioned before there were both benefits and negative impacts brought by tax reform. Most of the negative impact affects the itemized deductions. I have already covered those in another webinar. I will link that video bellow.   Continue reading “Tax Reform Changes to Individual Tax Payers Tax Returns through 2025”