Real Estate
Federal Tax News for Individuals
1. If You Make Estimated Tax Payments, a Deadline Is Coming Up If you pay quarterly estimated taxes, circle this date on your calendar: June 15. That’s the payment due date for your second-quarter estimated taxes. Individuals, including sole proprietors, partners and S corporation shareholders, must make estimated tax payments if they expect to owe…
Read MoreUnlock 8 Tax Breaks for Home Ownership
Over the last year, home prices have soared in many parts of the country. In addition to benefitting from an appreciating asset, eligible homeowners enjoy several tax advantages. Here are eight reasons why it’s better to be an owner, rather than a renter, from a federal income tax perspective. 1. Home Sale Gain Exclusion If…
Read MoreTax Angles for Landlords Today
Economic fallout from the COVID-19 pandemic caused some rental real estate properties to run up tax losses in 2020 and 2021, as tenants struggled to pay rent. If you’re a landlord, you may have had to negotiate lease modifications that were unfavorable to you in order to help tenants. To make matters worse, more losses could…
Read MoreEntrepreneurs and Taxes: How Expenses Are Claimed on Tax Returns
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due…
Read MoreIs Your Company at Risk for Employee Misclassification?
The classification of workers as independent contractors or employees has significant implications — both tax and nontax — for all businesses. But this issue is particularly important for construction and real estate companies, given the widespread use of subcontractors in the industry. The IRS continues to address the issue and crack down on businesses that…
Read More2022 Tax Calendar
To help you make sure you don’t miss any important 2022 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for January 31…
Read MoreNew Jersey to Introduce Retirement Savings Mandate for Small Businesses in 2022
In March of 2022, a new NJ state law will take effect, requiring small businesses, including non-profits, with 25 or more employees to offer qualified retirement savings plans to their employees. Those that do not comply will face financial penalties. This law requires any New Jersey employer who has been in business for more than…
Read MoreBookkeeping for Builders: 8 Tips to Consider
As you’re no doubt aware, bookkeeping for builders is challenging. Construction companies tend to have unstable workforces, wage rates that can change by location, and multiple ongoing projects with various costs and durations. Here are some bookkeeping tips that can help you stay organized and set up your business for success in the new year.…
Read MoreDos and Don’ts of Crisis Management for Contractors
From the Great Recession of more than a decade ago to the ongoing COVID-19 pandemic, construction companies have endured some tough lessons over the years. To help you avoid learning some things the hard way, we’ve compiled a list of what contractors have generally done right and wrong when these and other crises have hit.…
Read MoreDefer Tax with a Like-Kind Exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind…
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