by CPA | Aug 4, 2017 | CPA Services, Real Estate CPA, Rental Real Estate CPA
According to the IRS, homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home. Taxpayers can exclude up to $250,000 ($500,000 Married Filing Jointly) of gain on the sale of a homeThis is known as the Section 121...
by CPA | Jul 14, 2017 | CPA Services, Military CPA, Real Estate CPA
According to the IRS, members of the military may qualify for tax breaks and benefits. Special rules could lower the tax they owe or give them more time to file and pay taxes. In addition, some types of military pay are tax-free. Below are some special tax...
by CPA | Jul 5, 2017 | CPA Services
The Service Members Civil Relief Act (SCRA) was passed in 2003. The SCRA allows individuals to break a lease when they go onto active duty if the lease was entered into before going onto active duty. Additionally, the act allows a service member to terminate a...
by CPA | Jun 30, 2017 | CPA Services
This post will discuss which income items received by current and former members of the U.S. Armed Forces are reported on a tax return, particularly income from serving in a combat zone. U.S. Armed Forces members receive many different types of pay and allowances....
by CPA | Jun 23, 2017 | CPA Services, Real Estate CPA, US Expatriate & International Tax Returns
FROM THE IRS IR-2017-109, June 21, 2017 WASHINGTON — The Internal Revenue Service is now accepting renewal applications for the Individual Taxpayer Identification Numbers (ITINs) set to expire at the end of 2017. The agency urges taxpayers affected by changes to the...
by CPA | Jun 20, 2017 | CPA Services, Real Estate CPA
You filed your tax return and then discovered a mistake. Now what? Don’t hit the panic button. In most cases, all you have to do is file an amended tax return. There are a few things to keep in mind when filing an amended tax return. Taxpayers should use Form...
by CPA | Jan 13, 2017 | Real Estate CPA
What is a Series LLC A Series LLC is a unique form of a limited liability company (“LLC”) in which the articles of organization specifically allow for segregation of membership interests, assets, and operations into independent series. Each series...
by CPA | Dec 8, 2016 | Self-directed IRA
2016 Traditional & Roth IRA Contribution Limits Traditional & Roth IRA Contributions and Catch Up Provisions Plan Name Standard Limit Catch-up Limit (Age 50 and older) Traditional $5,500 $6,500 Roth* $5,500 $6,500 *Modified AGI Limits: 2016 Single: $117,000...
by CPA | Nov 21, 2016 | CPA Services
Generally, if you exchange business or investment property solely for business or investment property of a like kind, section 1031 provides that no gain or loss is recognized. If, as part of the exchange, you also receive other (not like-kind) property or money, gain...
by CPA | Sep 26, 2016 | CPA Services
So you are all pumped about your new business idea and are already looking for customers. Before you get much further, make sure that you have ticked off these accounting items from your business to-do list. A little work upfront will save you a ton of work down the...
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