Tag Archives: Taxation in USA

What type of records should businesses maintain for tax purposes?

tax records management

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 at the time of an IRS audit? What constitutes efficient recordkeeping? And I tell my clients that there are three main types of business records: income, expenses and capital expenditures. […]

Child Tax Credit

Child Tax Credit in USA

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 be claimed for the credit is $2,000 for each child under the age of 17 who qualifies for the Child Tax Credit (CTC). Whether you would qualify for a CTC […]

Common Tax Deductions for Real Estate Entrepreneurs­­­

common tax deductions for real estate

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 have not incorporated their business. They could work using their Social Security Number (SSN) or can also apply for an Employer Identification Number (EIN) with the IRS. The article covers […]

Sec 1031- Like Kind Exchange as a Tax Deferment Strategy- Paper 2

Sec 1031 - Like Kind Exchange (Paper 2)

Sec 1031 – Like Kind Exchange Paper # 2 is in continuation to Paper # 1 which was also on Sec 1031- Like Kind Exchanges. The latter can be found on my website at www.gavtax.com and also on my Facebook and Linkedin pages. In the first paper, the definition, benefits, eligibility, what types of properties […]