[…] Pre-pay 2017 property taxes on your personal residence. This is not an absolute rule, but it should be a wise move for most people, not just investors. Because of the new law, you may lose the tax benefit of property taxes on your homestead. So make sure the bill is paid in 2017 […]
[…] I’m not too alarmed. First, this change (IF implemented) will only affect companies that are designated as “a trade or business.” This term has been often used in the current tax law – but never defined! It led to numerous lawsuits against the IRS, with inconsistent results. Basically, it’s grey area […]
[…] There is one conclusion from reading these posts: stay away from legal and tax advice administered online by liberal arts majors without any professional credentials. Of course, professional credentials are no guarantee of competence, but at least you are less likely to be misled with garbage information […]
[…] Imagine a rather common situation: your rehab is in its final stages, and your GC just called you to report that he found some termite damage requiring another $2k to fix. Since you’re 50/50, you bring a $1k check, and your partner will cover the other half, right? Not so fast. His car or his AC broke this morning, so he is short on cash. Guess who […]
[…] Unless your numbers are out of the ordinary in some way, the odds of being audited are pretty low. Reducing an already low risk to an even lower risk would be a good idea – if it did not involve more work and more cost […]
[…] If you do have a corporation with a valid extension, then you must file at once. Otherwise, you’ll be hit with horrible penalties. For a C-corporation, it is more than […]
