Remove income tax Remove Real Estate Remove small business accounting Remove tax return
article thumbnail

Best Real Estate Accounting Tips for Agents and Brokers

xendoo

As the owner of a new real estate business, you’re probably aware of the unique characteristics of your industry. You take a personal interest in the real estate market, and you are excited to do great work for your clients, whether buying or selling pieces of property. . Real estate investment management.

article thumbnail

Top 5 Tax Penalties & Interest Payments 2021 (Avoid These)

LyfeAccounting

5 Things You Should Know About Tax Penalties. Common IRS Tax Penalties and How You Get Penalized. Failing to file a tax return on time. Well, the deadline for filing your federal income tax return and paying any tax you OWE is April 15th (or usually the next business day if April 15th falls on a weekend).

Tax 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to Pay ZERO in Taxes with Real Estate

LyfeAccounting

In fact, the president’s tax returns show he paid just $750 in federal income taxes in 2016 and 2017. So I decided to take a deeper look into it and share how you could also pay very little in taxes with real estate. But it’s important that you first understand how taxes work.

article thumbnail

Top 10 Tax Write Offs for Rental Property: 2021 Deductions

LyfeAccounting

Now, this post is focused purely on real estate. So we assume that you are either : A current real estate investor, or. You are considering becoming a real estate investor. By owning your own single-family property, or maybe getting to a real estate syndication and investing with a group of people.

article thumbnail

Tax Credits You May Claim Now

MyIRSRelief

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC). Small-business tax credits.

Tax 100
article thumbnail

How to Deduct and Write-off Almost Anything from Your Taxes

LyfeAccounting

Not to invest in stock markets, real estate, or your business. . But no, literally, just to pay taxes to the government. By the way, speaking of stock and real estate, we have another post that discusses which is the better investment – stocks vs real estate investing.

article thumbnail

Capital Gains Tax: What Are They and How To Avoid Them?

LyfeAccounting

So naturally, people have started to want to know what capital gains tax rates are, and want to know how they will be impacted. Now, most people know about capital gains tax from the real estate they own. But, the capital gains tax extends beyond just real estate. Real Estate.

Tax 52