Is Your Rental Eligible for a Qualified Business Income Deduction?

Posted by Briana Frost, Staff II, Tax Services on Jul 3, 2019

As we approach the summer months and the Tax Cuts and Jobs Acts is in full effect, we want to provide you with some additional information as it relates to rental real estate enterprises and the flow-through qualified business income deduction (QBID) for individuals.

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Topics: Real Estate, Tax, QBI, Rental Properties, safeharbor, rental real estate

A Fresh Look at the Pass-Through Deduction

Posted by Ruth Ollarzabal on May 3, 2019

The deduction is allowed for tax years beginning after December 31, 2017 and before January 1, 2026. This pass-through deduction is for sole proprietorships, S corporation, and partnerships; C corporations are not eligible.

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Topics: Tax, Construction

Make sure you know the deadline for your taxes

Posted by lgtcpa on Jan 30, 2019

The government shutdown did not change the deadlines for submitting your taxes. Here is a list of a few important dates.

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Topics: Tax, gift tax, estate tax

Gift and Estate Taxes Are Changing

As many of you may already know, there was a significant increase in the lifetime exclusion for Estate and Gift taxes. Lets break it down.

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Topics: Tax, TCJA, gift tax, estate tax

Year-End Tax Planning Moves

Posted by lgtcpa on Oct 15, 2018

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.

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Topics: Accounting Tips, Tax, Financial, IRS, consulting, accounting, TCJA

Is the TCJA Affecting Your Medical Practice?

Signed into law this past December, the Tax Cuts and Jobs Act (TCJA) is the most sweeping federal tax legislation since 1986. It includes significant changes for individual taxpayers, many of which will have a major impact on higher-income taxpayers like physician practice owners. Here are some of the most notable changes.

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Topics: Accounting Tips, Tax, IRS, consulting, medical, practice, revenue, doctors

Lock down financial assets with the right controls

Posted by Trey Hardy, Tax Supervising Senior on Jul 25, 2018

You’ve got a fence around the job site. Your heavy equipment is turned off and the keys stored securely. Your materials are tied down and, where possible, kept out of sight. But what about your financial assets? Are you protecting those as carefully as your physical assets?

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Topics: Tax, Construction, consulting, accounting

Four ideas to counter shrinking donations under the new tax law

Posted by James Youngblood, Partner, Tax Services on Jul 25, 2018

Passage of the Tax Cuts and Jobs Act (TCJA) last year spread dismay in the nonprofit community. With several provisions in the law expected to depress charitable giving, nonprofits should mobilize to minimize the negative impact on their bottom lines.

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Topics: Not-for-Profit, Tax, consulting, accounting

Sitting pretty

Posted by Cory Caddell, Senior Manager, Tax Services on Jul 25, 2018

Real estate industry among the big winners on new tax law

By passing the Tax Cuts and Jobs Act (TCJA) in late December 2017, Congress granted the holiday wishes of many involved in real estate. While the TCJA brought good cheer for the business community in general, the real estate industry is particularly likely to reap some lucrative rewards.

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Topics: Real Estate, Tax, accounting

Recent legislation encourages low income developments

Both the Tax Cuts and Jobs Act ("TCJA") and Congress’s massive new spending package received widespread media coverage, but a couple of provisions that incentivize investments in low income housing have largely gone under the radar. One provision in the tax law offers significant tax breaks for investors looking to defer or abate capital gains taxes, while the spending bill boosts the Low Income Housing Tax Credit ("LIHTC").

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Topics: Real Estate, Accounting Tips, Tax, IRS, consulting

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