At my CPA firm, I come across a lot of folks who have held rental or investment property for some time and are considering doing a 1031 exchange, typically into markets where they'll get more bang for their buck in terms of cash flow. They know that when they sell an appreciated asset, they generally have to pay capital gains tax on the sale, and that they can defer paying … [Read more...] about 1031 Exchange Rules 2019: What Is a 1031 Exchange?
Believe it or not, real estate agents have a lot of planning opportunities when it comes to taxes, and they also have a lot to lose if they play their cards wrong. Below I have listed the top tax mistakes we see real estate agents make on their taxes. I’m a CPA and an expert in tax planning for high-producing real estate agents. If you’d like to talk about any of these … [Read more...] about 9 Critical Tax Mistakes Real Estate Agents Make That Cost Them $1000s
Whether you own a home, apartment building, hotel, commercial property, vacant land, or any other real asset, you know that property taxes can add significant costs to your bottom line every year, and this is especially true in California. With current California property tax sitting roughly at 1%, California property owners are feeling the tax burden. The average … [Read more...] about California Property Tax Appeal: How to Lower Property Taxes in California
Setting up a Roth IRA for children, whether to give them a head start on their retirement savings or as a temporary vehicle for funds earmarked for their education, is a pretty slick move employed by savvy parents. In this article we'll go over why you would set up a Roth IRA for your children, the rules for setting up a Roth IRA for children, and where you can open a Roth … [Read more...] about Roth IRA for Children: How to Make Your Child a Millionaire
As a California CPA, I see a lot of new business owners or investors who are confused about the $800 California LLC tax and the California LLC fee based on gross receipts. Well, I hope to answer all of your California LLC questions in one place. Note that all of the information regarding California LLCs below assumes that the LLC has not elected to be taxed as a … [Read more...] about The $800 California LLC Tax and California LLC Fee: A CPA Answers All!