Have you ever daydreamed about how nice it would be to own a house in the woods or along the shore? Here are some financial pointers to consider if owning a vacation home is on your bucket list. Are you buying the home for personal use or as an investment property? Foreign vacation properties are […]
Tag: Tax Planning
Business Tax Insights You Need to Know
If you’re running a business, you’re on the hook for a variety of taxes. Let’s take a look at the main categories: Income tax—All businesses except partnerships must file an annual income tax return. (Partnerships file an information return.) However, which form you use depends on how your business is organized, so you’ll need to […]
Depreciation and Your Bottom Line: A Tax-Saving Approach
A business asset is property you acquire to help produce income for your company. This can be durable equipment from computers to office furniture to tractors. Depreciation is a way of allocating the cost of the asset over its expected usable life by expensing a portion of the cost over several years. This accounting method […]
Tax Savings Made Easy: Cost Segregation for Commercial Properties
If you are an owner of commercial real estate, you likely have heard of cost segregation. But perhaps you have not been informed of the incredible tax benefits it offers and how much it can improve your business’s cash flow. Many business owners have utilized cost segregation studies to save huge sums of money on […]
How to Calculate and Report Imputed Income Correctly
Imputed income is defined as the cash value of a benefit that is not part of your employees’ salaries. Even though the benefit — like a gym membership — isn’t received in cash, it’s still taxable based on its cash value. Imputed income was developed to ensure that workers don’t reduce the tax that would […]