TAX

Select an article from the list below.

How Long Should You Keep Tax Records?   This article gives a good explanation of what records you should retain and the minimum amount of time you should keep them. 

How “Real” Is Your Independent Contractor Status .  Many landlords have handymen and others whom they classify as independent contractors for tax and other purposes.  But simply saying someone is an independent contractor is not enough to make them so.  They may still, in reality, be employees, and a failure to realistically evaluate their status can lead to big problems down the line.  This note on a Georgia appellate court decision evaluates and “independent” salesperson’s status in view of the amount of control the broker sought to exercise over her activities.  This is applicable to any independent contractor.  See also our article . 

How To Protect Your Estate From Uncle Sam .  Every landlord has an estate.  Thought should be given to shielding the estate from Uncle Sam’s croupier, the IRS.  After all, you have worked to develop your fortune so that you and your devisees may enjoy it, not so the government can buy a rivet for a B-2 bomber.  This article will give some hints in that regard.

Ideas on How to Spend (or Save) Your Tax Refund. Congratulations. You are about to get back all that extra money you paid the IRS, on which you received no interest or return whatsoever. This article suggests ways you can use the money, which should be at a record high this year, for productive purposes at last.

IRS Rules On Lost Records Only Stretch So Far. If you are planning to itemize your deductions this year, be advised that the IRS will let you reconstruct records when they are destroyed by a casualty beyond your control, but this rule is not always evenly applied, and it is not a cure all.

Points:  What Are They And How To Deduct Them.    Even if you already know what points are, read this article anyway to find out what the rules are for deducting them on your income tax return.

Profit and Loss Statement, The:  What Does It Mean?   How to read and understand the components of the P&L, and prepare one for your own business.

Pros and Cons of a Home Business.   This article discusses the practical benefits and drawbacks of running a small business in your home.  Read this before you decide to open up shop there.

Setting Up a Record Keeping System.   Paper is essential to any successful operation, even in these modern computing days.  Learn how to determine what sort of record keeping system is best for you. 

Setting Up a Record Keeping System.   Describes the two major types of accounting systems and how to set them up.

Starker Exchanges:  Deals Without Dollars .  Starker exchanges, also known as 1031 exchanges, can permit the investor to transfer his property while deferring capital gains taxes by taking like-kind property in return.  Read this item for an insight into some of the intricacies of the rules and to decide if this is something you need to look into. 

"Tax Time Bombs" May Be Ticking Away for Unsuspecting Home Sellers ‘Tis the season…. Are you looking at a time bomb? Read this and find out.

The Tax Treatment of Points Did you refinance last year? This Q&A deals with points and their impact on your 1040.

Timing Adds Profit When Selling Rental House .   This short but good little piece reminds us that taxes play an important role in the timing of a house sale.  Relatively small accommodations to the tax code can make a big difference in the bottom line.

Income Tax Resources For Landlords

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