Richardson TX – Tax Law Changes for 2019. What Will Impact You?

In 2017, Congress passed The Tax Cuts and Jobs Act (TCJA), which was the largest piece of tax legislation that we’ve seen in three decades. The new law had an impact on almost all taxpayers who came to our Richardson, TX tax office, as well as taxpayers throughout the country. Most

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Plano TX – When Does a New Business Need an EIN

When new business owner’s come into our Richardson, TX tax office, a common question is if the business needs its own Employer Identification Number (EIN).  An EIN is a nine-digit number that the IRS assigns to identify tax accounts. It’s also referred to as a Federal Tax Identification

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Richardson TX – Starting a New Business? Tips Every New Business Should Follow.

Starting a business is exciting and nerve-wracking all at the same time. Our Tax firm is in Richardson, TX, and every day, there are hundreds of new businesses being formed in the DFW area. The process of starting a new business can be intimidating and the “to

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Frisco TX – Getting an IRS Lien Released Withdrawn or Discharged. What’s the Difference?

Many of the Taxpayer’s coming into our Richardson, TX tax office with IRS Debt have a Notice of Federal Tax Lien (NFTL) or are under threat of an NFTL.  As you’ve learned over the past few weeks, the Notice of Federal Tax Lien (NFTL) is a powerful

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Plano TX – Does Rental Real Estate Income Qualify for the QBI Deduction?

In December of 2017, the Tax Cuts and Jobs Act (TCJA) introduced a new “Qualified Business Income Deduction” (QBID) under IRS Section 199A. The QBID provided a deduction of up to 20% of qualifying income on the tax return and enable major tax savings to small business

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Plano TX – Loss Limitations for Real Estate Investors

In this week’s installment in our series of taxation and investing in Real Estate we will discuss allowable loss limitations on Real Estate Investments. Real Estate investing is well known as having the ability to generate non-cash losses that may be deductible against other income for the

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Plano TX – What does the IRS Consider to be a Real Estate Professional and the Impact on Taxes

In this week’s installment in our series of taxation and investing in Real Estate we will discuss who qualifies as a Real Estate Professional in the eyes of the IRS and what does it mean to be a Real Estate Professional.   Generally, if I ask any taxpayer

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Plano TX – Tax Deductible Expenses for Real Estate Rental Properties

Last week we covered reporting Rental Real Estate activities on tax returns. This week we’ll give an overview of Expenses. Next week, we will cover depreciation separately and we will continue to cover various topics pertaining to Rental Real Estate over the coming weeks. In general, the

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Tax Deductions that Realtors often Miss

Among the top professional industries that my Dallas, TX tax firm works with are realtors.  As independent contractors, realtors often incur substantial out of pocket costs to run their business. Today, I want to cover some of the costs that I typically see from realtors and some

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