How Long
Should You Keep Tax Records? This article gives a good explanation of what records you should retain
and the minimum amount of time you should keep them.
How
“Real” Is Your Independent Contractor Status. Many landlords have handymen and others whom they classify as independent
contractors for tax and other purposes. But simply saying someone is
an independent contractor is not enough to make them so. They may
still, in reality, be employees, and a failure to realistically evaluate
their status can lead to big problems down the line. This note on a
Georgia appellate court decision evaluates and “independent”
salesperson’s status in view of the amount of control the broker sought
to exercise over her activities. This is applicable to any
independent contractor.
See
also our article.
How
To Protect Your Estate From Uncle Sam. Every landlord has an estate. Thought should be given to shielding
the estate from Uncle Sam’s croupier, the IRS. After all, you have
worked to develop your fortune so that you and your devisees may enjoy it,
not so the government can buy a rivet for a B-2 bomber. This article
will give some hints in that regard.
Ideas on How to Spend (or Save) Your Tax Refund.
Congratulations. You are about to get back all that extra money you paid the IRS, on which you received no interest or return whatsoever. This article suggests ways you can use the money, which should be at a record high this year, for productive purposes at last.
IRS Rules On Lost Records Only Stretch So Far. If you are planning to itemize your deductions this year, be advised that the IRS will let you reconstruct records when they are destroyed by a casualty beyond your control, but this rule is not always evenly applied, and it is not a cure all.
Points:
What Are They And How To Deduct Them. Even if you already know what points are, read this article anyway to find
out what the rules are for deducting them on your income tax return.
Profit and Loss
Statement, The: What Does It Mean? How to read and understand the components of the P&L, and prepare one
for your own business.
Pros
and Cons of a Home Business. This article discusses the practical benefits and drawbacks of running a
small business in your home. Read this before you decide to open up
shop there.
Setting
Up a Record Keeping System. Paper is essential to any successful operation, even in these modern
computing days. Learn how to determine what sort of record keeping
system is best for you.
Setting
Up a Record Keeping System. Describes the two major types of accounting systems and how to set them
up.
Starker
Exchanges: Deals Without Dollars. Starker exchanges, also known as 1031 exchanges, can permit the investor
to transfer his property while deferring capital gains taxes by taking
like-kind property in return. Read this item for an insight into
some of the intricacies of the rules and to decide if this is something
you need to look into.
"Tax Time Bombs" May Be Ticking Away for
Unsuspecting Home Sellers ‘Tis the season…. Are you looking at a time bomb? Read this and find out.
The Tax Treatment of Points Did you refinance last year? This Q&A deals with points and their impact on your 1040.
Timing
Adds Profit When Selling Rental House. This short but good little piece reminds us that taxes play an important
role in the timing of a house sale. Relatively small accommodations
to the tax code can make a big difference in the bottom line.
Income Tax Resources For Landlords
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