The short answer is Yes. How to accomplish this should be done with a tax advisor and planning it out to maximize the tax strategy. Please read below to learn more about it. When you have a property as your primary residence, the only deduction you have available when you sell your property is meeting…
It is true you could legally avoid depreciation. However, if you depreciate every year it will put yourself at a disadvantage and lose the opportunity to claim tax benefits. Depreciation will not be avoided and when you sell the property you must “recapture” all the depreciations regardless whether or not you took it. This can…
Virtual Currency (Cyrptocurrency) is considered very secure because they use strong cryptography to verify the transfer of assets. When you buy and sell virtual currency, blockchain is used to record the transaction. Unlike transactions in stocks where you have a few lines listing Sale Amount and Date vs. Purchase Amount Date, blockchain can have a…
It is a pointy situation, but you should consider the IP PIN opt-in program Identity Protection PIN are not just for individuals who experienced identity theft. Starting in 2021, there is a volunteer program to opt into the IP PIN program to protect yourself from tax-related identity theft. I encourage anyone to opt-in because there…
Core Business Applications my clients use for Accounts Payable: QBO, Hubdoc and Bill.com Cloud accounting and it’s ecosystem is essential for any business. Invoicing customers, receiving payments, paying bills and keeping your data organized. For the “accounts payable department” of the business, Quickbooks Online with Hubdoc and Bill.com helps you perform this function with high…
How to use equity in your home and bypass the $750K Mortgage Interest Limitation Here’s what’s happening: Under Tax Cut and Jobs Act, for tax years beginning after December 31, 2017 and before January 1, 2026 a taxpayer may not deduct home mortgage interest expense greater than $750,000 mortgage on taxpayer’s principal residence. Here’s what…
Date Dear Vendor, Enclosed is Form W-9, Request for Taxpayer Identification Number and Certification. IRS regulations require that we issue 1099 forms to certain companies and individuals. In order to accurately prepare these forms, the IRS requires that we obtain and maintain form W-9 for all of our vendors. This letter is to request that…
January 31st is the deadline for Form 1099-NEC/MISC. During the first month of the new year, you are hopefully rejuvenated from time off during the holiday. For some, it is met with scrambling to get the books in order for year-end close, to file taxes and fulfilling requests from accountants for missing data. One request…
