2020 Could Be an Unprofitable Year for Rental Properties. Here’s How to Handle the Taxes

Economic fallout from the COVID-19 crisis and civil unrest could cause many rental real estate properties to run up tax losses in 2020 and maybe beyond. This column covers the most important federal income tax questions and answers for rental property owners.

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What You Should Do Now to Prepare for Tax Season 2020

As of December 27, 2019, the IRS had received a whopping 155,798,000 tax returns during the year. A bit over 138 million of those were filed electronically, with almost 60 million electronic tax returns filed by individuals handling their own taxes. Whether you intend to be a self-preparer in 2021 or not, it’s a good… Read More

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Reducing Capital Gains Tax on a Rental Property

Owning a rental property can help you to grow wealth long-term and diversify your income streams. Receiving regular rental income can help supplement withdrawals you might make from a 401(k) or an individual retirement account (IRA) in retirement or give you an … Continue reading →

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How Long Does a Tax Lien Stay on Your Credit Report?

It’s a trick question, because as of April 2018, tax liens were all removed from credit reports. The bureaus took this step to protect the integrity of those reports. According to the Consumer Financial Protection Bureau, many judgments and liens were being reported incorrectly. That caused errors to credit reports not affiliated with the various debts in question. But that doesn’t… Read More

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What Happens if I File My Taxes Wrong?

NOTE: Due to the COVID-19 coronavirus pandemic, the IRS has extended the federal tax filing and payment deadline to July 15, 2020. The recent relief package passed by Congress may have additional tax implications. Please contact a tax adviser for information you may need to complete your taxes this year. Learn More. When tax season hits, many… Read More

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A Comprehensive Guide to 2020 Tax Credits

Every year, people’s lives change in ways that affect their taxes. They may start a higher education program or have a child, and others take on elderly parents as dependents. These situations can change their eligibility for tax credits. In … Continue reading →

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Wealth Tax: Definition, Examples, Pros and Cons

A wealth tax is a type of tax that’s imposed on the net wealth of an individual. This is different from income tax, which is the type of tax you’re likely most used to paying. The U.S. currently doesn’t have … Continue reading →

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3 Tax Scams You Need to Watch Out For

According to the Internal Revenue Service (IRS), there was a 400% increase in phishing and malware incidents during the 2016 tax season. And tax scams extend far beyond email and malware to include phone scams, identity theft and more.  While the April 15 filing deadline still feels far away, as Yogi Berra said, “It ain’t… Read More

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