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22 February 2025 | 6 replies
In Michigan, the ultimate garnishment is state tax refunds (federal cannot be garnished).Not seeing how you are going to successfully do this on your own - remotely:(
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20 February 2025 | 10 replies
Maintain detailed records to substantiate deductions for materials, labor, and expenses, which can significantly reduce taxable income.While an S-Corp provides tax savings, it also requires payroll management and compliance with formalities, making it essential to stay organized or consult a tax professional for ongoing compliance.This post does not create a CPA-Client relationship.
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10 February 2025 | 1 reply
Mortgage rates remain above 7% as the Federal Reserve maintains its cautious stance on inflation.
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19 February 2025 | 5 replies
These figures are updated every Federal fiscal year which starts October 1.
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4 February 2025 | 2 replies
Also, I'm not sure how you're paying attention to it on the tax side, but the unit that you are living in's profit at sale is calculated differently than the other unit that you're renting out.Once you move out, that unit is officially available for rent so from that point forward, any profit gained at future sale will be calculated starting from that point and will be taxable.
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15 February 2025 | 6 replies
This is from navigatehousing.com: "According to OMB’s guidance, any program that provides direct benefits to individuals is not subject to the federal funding pause.
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10 February 2025 | 11 replies
There are laws (and statutes with three "T"s) that may apply in these situations on both a state and federal level.
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24 February 2025 | 9 replies
LLC Partnership Tax FilingFor an LLC partnership:- The LLC itself doesn’t pay federal income tax.
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31 January 2025 | 3 replies
If a cost segregation study was performed, the accelerated depreciation may further reduce the property’s basis, potentially increasing taxable capital gains when sold.Depreciation recapture will occur when you sell the personal residence, so it’s essential to keep detailed records of all depreciation claimed while the property was used as a rental to ensure accurate tax reporting at that time.This post does not create a CPA-Client relationship.
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25 February 2025 | 95 replies
I don't want to put words in your mouth, so I will just say those were issues as part of federal litigation.