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Need Money? The CARES Act Lets You Make Penalty-Free Withdrawals From Your Retirement Plan
If tenants aren't paying rent, you have empty units, or you're dealing with other financial issues, you may need extra money, and as part of the CARES Act, the government is allowing people to make coronavirus-related penalty-free withdrawals from their retirement...
Quick Tips for Tax Extensions
In the midst of the coronavirus, the Internal Revenue Service (IRS) extended the due date for 2019 federal tax returns from April 15 to July 15, 2020, but if you need even more time, you can request an extension until October 15, 2020. Here's what you need to know...
Rental Property Bookkeeping 101: Tips for Successful Bookkeeping
Owning rental properties can be a lucrative way to make money from the housing market and set yourself up for retirement, but to be successful, you need to pay attention to the numbers. With the right tips, real estate accounting can be relatively simple. Check out...
Tax Reform and Family Tax Credits
More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income...
Tax Cuts and Jobs Act (Tax Reform) Summary
The Tax Cuts and Jobs Act was signed into law on December 22nd, 2017. It overhauled the Internal Revenue Code and provided broad tax relief to workers, families and businesses of all sizes. It lowers tax rates for individual and business taxpayers, and eliminates or...
Making Sense of the Section 121 Exclusion
According to the CPA Journal, Home sellers can exclude (not defer) up to $250,000 of housing profits from capital gains tax; married couples who file a joint tax return can exclude up to $500,000 of housing gains. In the case of a married couple, either or both...
Four Bookkeeping Tips for Real Estate Investors
Let’s face it. Unless you love the nitty-gritty details of accounting, you probably don’t enjoy the bookkeeping part of your real estate business. If you are like most people, then you put it off until the last possible moment. Maybe that time comes when your lender...
Guest Blog Post – Cost Segregation – Why Give Your Money To The IRS, When They let You Keep It?
Do you own an investment property valued at $1,000,000 or more? Do you pay federal income taxes? Do you operate a corporation or entity that is for-profit? Are you planning to the hold the property for more than one year? If you answered YES to all of these questions,...
Guest Blog Post – Solo 401k: What Could Be Better Than A Self-Directed IRA?
Self-Directed IRAs, Checkbook-Control IRAs, and IRA-LLCs are powerful investment vehicles with great tax benefits. For those that qualify, Solo 401K Plans are far better vehicles for retirement account real estate investing. In this post will introduce the...
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