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Frequently Asked Questions

Auto Related Deductions

Your automobile may provide you with several tax deductions that may lower your income tax.  As with all deducations, it’s important to maintain accurate records of your expenses.

  • Business
  • Expenses
  • Record Keeping
  • Medical Mileage
  • Charitable Mileage
  • Moving Mileage

Saving Records

The main reason to save tax records is to substantiate the information reported on the tax return.  The statute of limitations for most federal tax returns is three years.  Learn how long you should keep records.

  • Prior Year Income Tax Returns
  • Tax Receipts
  • Investment Records
  • IRA Contribution and Distribution Records
  • Business Records and more…

Tax Tips for Owners of Rental Property

If your tenants pay for canceling a lease, or pays for improvements to the property, the amount you receive is taxable as rental income.  Learn more about:

  • How is Rental Income Reported?
  • Can I Deduct a Loss on a Rental Activity?
  • What Expenses Are Deductible?
  • Repairs vs. Improvements
  • Refinancing your Rental Property etc…

The Home Office

With easy Internet access, more and more people are choosing to work from home.  Having a home office may provide tax savings, but can also create headaches when you decide to sell your home. Learn more about:

  • Requirements
  • Calculations
  • Limitations
  • Home Sales and Excludible Gain
  • Panning Considerations

Contact From the IRS

If your tenants pay for canceling a lease, or pays for improvements to the property, the amount you receive is taxable as rental income.  Learn more about:

  • How is Rental Income Reported?
  • Can I Deduct a Loss on a Rental Activity?
  • What Expenses Are Deductible?
  • Repairs vs. Improvements
  • Refinancing your Rental Property etc…

What is AMT and Why Do I Have to Pay It?

With easy Internet access, more and more people are choosing to work from home.  Having a home office may provide tax savings, but can also create headaches when you decide to sell your home. Learn more about:

  • Requirements
  • Calculations
  • Limitations
  • Home Sales and Excludible Gain
  • Panning Considerations

Charitable Contributions and Tax Deductions

If your tenants pay for canceling a lease, or pays for improvements to the property, the amount you receive is taxable as rental income.  Learn more about:

  • How is Rental Income Reported?
  • Can I Deduct a Loss on a Rental Activity?
  • What Expenses Are Deductible?
  • Repairs vs. Improvements
  • Refinancing your Rental Property etc…

Death and Taxes

With easy Internet access, more and more people are choosing to work from home.  Having a home office may provide tax savings, but can also create headaches when you decide to sell your home. Learn more about:

  • Requirements
  • Calculations
  • Limitations
  • Home Sales and Excludible Gain
  • Panning Considerations

Divorce & Taxes

If your tenants pay for canceling a lease, or pays for improvements to the property, the amount you receive is taxable as rental income.  Learn more about:

  • How is Rental Income Reported?
  • Can I Deduct a Loss on a Rental Activity?
  • What Expenses Are Deductible?
  • Repairs vs. Improvements
  • Refinancing your Rental Property etc…

Hobby vs. Business

With easy Internet access, more and more people are choosing to work from home.  Having a home office may provide tax savings, but can also create headaches when you decide to sell your home. Learn more about:

  • Requirements
  • Calculations
  • Limitations
  • Home Sales and Excludible Gain
  • Panning Considerations

Meals and Incidental Expenses

If your tenants pay for canceling a lease, or pays for improvements to the property, the amount you receive is taxable as rental income.  Learn more about:

  • How is Rental Income Reported?
  • Can I Deduct a Loss on a Rental Activity?
  • What Expenses Are Deductible?
  • Repairs vs. Improvements
  • Refinancing your Rental Property etc…

Roth IRA An Alternative to the Traditional IRA

With easy Internet access, more and more people are choosing to work from home.  Having a home office may provide tax savings, but can also create headaches when you decide to sell your home. Learn more about:

  • Requirements
  • Calculations
  • Limitations
  • Home Sales and Excludible Gain
  • Panning Considerations

Rollovers to a Roth IRA Tax Advantage or Disadvantage

If your tenants pay for canceling a lease, or pays for improvements to the property, the amount you receive is taxable as rental income.  Learn more about:

  • How is Rental Income Reported?
  • Can I Deduct a Loss on a Rental Activity?
  • What Expenses Are Deductible?
  • Repairs vs. Improvements
  • Refinancing your Rental Property etc…

Tax Guidance for Same Sex Marriages

With easy Internet access, more and more people are choosing to work from home.  Having a home office may provide tax savings, but can also create headaches when you decide to sell your home. Learn more about:

  • Requirements
  • Calculations
  • Limitations
  • Home Sales and Excludible Gain
  • Panning Considerations

Tax Tips for Self-Employed Taxpayers

If your tenants pay for canceling a lease, or pays for improvements to the property, the amount you receive is taxable as rental income.  Learn more about:

  • How is Rental Income Reported?
  • Can I Deduct a Loss on a Rental Activity?
  • What Expenses Are Deductible?
  • Repairs vs. Improvements
  • Refinancing your Rental Property etc…