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What type of records should businesses maintain for tax purposes?
Some of the common questions that I get are– How do I do record keeping for my business transactions? What kind of proof is required
Child Tax Credit
What is Child Tax Credit? Child Tax Credit is a non-refundable credit that reduces your tax bill dollar for dollar. The maximum amount that can
Common Tax Deductions for Real Estate Entrepreneurs
Most real estate professionals are sole proprietors. This means that they are not someone’s employee, they have not formed a partnership with anyone, and they
5 important things to consider when it comes to Rental Properties, Depreciation and Taxes
Depreciation is an accounting mechanism for recovering the cost in an income producing property (a property that is used only for business or investment purposes).
Sec 1031- Like Kind Exchange as a tax deferment strategy- Paper 1
Usually, selling a business or an investment property and then using its proceeds to buy a similar property becomes a taxable transaction. However, there is
Sec 1031- Like Kind Exchange as a Tax Deferment Strategy- Paper 2
Sec 1031 – Like Kind Exchange Paper # 2 is in continuation to Paper # 1 which was also on Sec 1031- Like Kind Exchanges.