Tax

Are you liable for taxes on capital gains that are reinvested

Are You Liable For Taxes On Capital Gains That Are Reinvested?

Benjamin Franklin once stated, “In this world, nothing is certain except death and taxes.” The IRS recognizes realized capital gain, regardless of whether you reinvest them. There are strategies investors can use to defer or reduce capital gains taxes depending on the investment amount and how long they were held. Tax-Favorable Retirement Accounts Stocks, funds, …

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Are Your Company's Meals Taxable

Are Your Company’s Meals Taxable?

Many small businesses and independent contractors are working hard to file taxes on time as the 2018 tax deadline approaches. Small business owners often have to decide whether employer-provided meals can be taxed. Understanding the tax deduction rules for entertainment and meals can be difficult. It is important to understand the guidelines to report the …

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Can you deduct mortgage interest on a rental property

Can you deduct mortgage interest on a rental property?

You can deduct expenses incurred when you rent a property or earn rental income. These expenses include property tax, mortgage interest, depreciation, repairs, and operating expenses. A tax incentive for homeowners is the mortgage interest deduction, which can sometimes be applied to rental properties. Mortgage Interest Deduction You can reduce your taxable income through the …

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