The use of self-directed IRAs for real estate investing has grown in popularity as investors seek to reduce their tax burdens and increase their rate of return on their investments. The benefits of owning property in an IRA include appreciation in value and tax-deferred growth on rental income and capital gains. Although there are benefits [...]
One of the most frequently asked questions I hear is, “what can I deduct?”. It makes sense, since deductions reduce taxable income, thereby reducing tax. And who doesn’t want to reduce tax? So, let’s talk about deductions. Deductions reduce your income before you calculate tax. Credits, on the other hand, can directly reduce the amount [...]
Tax season officially started on January 24, 2022. The IRS shuts down their e-filing system at the end of each year to do annual maintenance so the 24th is the first day the IRS is accepting 2021 individual tax returns. The business tax season started earlier in the year on January 7th but received less [...]