What is depreciation? I suppose this should have been Part 1, but here we are. The people who wrote tax laws don’t usually want you to take a big tax deduction when you buy and put into service an expensive asset or when you do a big improvement on that asset. And they realize most [...]
I hear it again and again. You should start an LLC (Limited Liability Company) for the tax benefits. You should put a rental property under an LLC for the tax benefits. Let’s talk about the tax benefits of having your rental property or business owned and operated by a Single Member LLC (SMLLC). The cost [...]
Yay! More laws, just what we all wanted. The purpose of the Corporate Transparency Act (CTA) is to reduce terrorist financing, money laundering, and other illegal activities. Like most of you I am 100% confident that it will be effective in stopping those things. The CTA was signed into law in 2020 and goes into [...]
