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Guest Blog Post: How To Invest In Real Estate With SDIRAs and Checkbook Control
Tax Free Real Estate Investing With Self-Directed Retirement Accounts Did you know that you can use a Traditional IRA and Roth IRA to invest in real estate tax free? Do you know the difference between a Traditional IRA and Roth IRA? In this post you’ll get an overview...
Tax Implications of Vacation Rentals
Investments in vacation rentals are becoming more popular with the rise of services such as Airbnb and VRBO. Many investors have successfully purchased and rented these properties all over the U.S. In our sharing economy, it is a wonderful way of earning top dollar....
Tax Implications of Selling Your Main Home
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...
Tax Benefits for Members of the Armed Forces
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...
What Happens to Leases, Loans, and Taxes When Military personnel are called to Active Duty
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...
Taxable Income for Military Personnel
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....
IRS Now Accepting Renewal Applications for ITINs Set to Expire by End of 2017
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...
The Ins and Outs of Amended Tax Returns
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...
Series LLCs and Bank Accounts
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 operates...
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