Cost Segregation: A Great Strategy When?

Cost Segregation Strategy

One significant tax benefit of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you get without spending any additional money. But regular depreciation for real property is slow. Residential rental property is depreciated over 27.5 years and non-residential property over 39 years, providing a relatively small deduction each year. Fortunately, […]

Did You Overfund a Section 529 Plan? Consider a Roth IRA Rollover

Did You Overfund a Section 529 Plan

Have you established, or are you considering, a Section 529 savings plan for a child, grandchild, or other family member? Such plans are a great way to help pay for a person’s college education. Contributions are not federally tax deductible, but they grow tax-free, and you can withdraw them tax-free to pay higher education expenses. […]

Q&A: No Business Income, No Office Deduction: Wrong

Q&A No Business Income No Office Deduction - Copy

You may have heard you cannot claim a home-office deduction without business income. That’s not accurate, as I explain below. Points to Consider Claim business deductions with no business income. Even if your business did not generate income this year, you should claim all business deductions. Such deductions might create a net operating loss (NOL), […]

The Top 4 Benefits of Year-Round Tax Planning Services

Charts,Numbers,Balls,Calculator,Glasses.,Shallow,Depth,Of,Field.,Selective

Small business owners deal with tax deadlines year-round, and yet much only work with a tax expert or tax planner for the few months around “tax season”—typically, January through the end of April.  While this may seem like a responsible way to cut your business costs, bringing in a tax professional only once a year […]