Ted’s Tax Saving Tips Vol 19-6

Combine Home Sale with the 1031 Exchange You don’t often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity. The

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Our States, Their Sales and Your SALT

  “Individual commitment to a group effort – that is what makes a team work, a company work, a society work, a civilization work.” -Vince Lombardi WARNING: What I’m about to share might make you salty. The topic is state

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Making Children Less Costly (Through Smart Tax Savings)

Ted Smith’s“Real World” Personal Strategy Note “Having a child is like getting a tattoo … on your face. You better be committed.” -Elizabeth Gilbert Because raising children truly does “take a village”, know that I’d love to help walk you

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New IRS Tax Audit Rules for Partnerships

The Bipartisan Budget Act of 2015 (“Act”) made significant changes to the Internal Revenue Service’s (“IRS”) partnership audit rules effective for partnership tax years beginning in 2018. How the new audit rules will affect a partnership and its partners will depend, in large part, on choices the partnership, the partnership representative, and/or the partners make or fail to make.

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Business Owners: Why you should relook at your retirement savings under the new tax law

The new Section 199A 20% Pass-Through deduction for business owners is probably the most confusing and complex part of the new Tax Cuts and Jobs Act of 2017; however, it has some very positive planning opportunities that could save you

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Rental Real Estate

How you may be able to take the 20% pass-through deduction! The Section 199A 20 percent tax deduction is a gift from lawmakers. Literally, you don’t earn this deduction; it’s simply there for you if you qualify. Under the trade

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Tax & Financial Implications For Renting Out Your House

Tax & Financial Implications For Renting Out Your House “Travel makes one modest. You see what a tiny space you occupy in the world.” -Gustav Flaubert Have you ever wondered why vacation rental home services like Airbnb or VRBO are

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Are real estate agents & brokers an out-of-favor service trade or business for purposes of pass through deduction?

Section 199A instituted a new 20% pass-through deduction for businesses with some exceptions.  Certain fields over certain amounts of income were excluded or considered out-of-favor, and would not be able to claim the 20% pass-through deduction. Originally when the law

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Five Last Minute Tax Reduction Strategies

1)Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2019 expenses

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2018 Last Minute Year-End Tax Strategies for Marriage, Kids & Family

Here are five year-end tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends. Put Your Children on

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