News & Articles

COVID-19 Crisis May Affect Tax Angles for Rental Property Losses

Posted on Mon, Jun 29, 2020

Economic fallout from the COVID-19 crisis will cause many rental real estate properties to run up tax losses in 2020 — and possibly beyond. Here's a summary of important federal income tax rules for such losses.   

Read More

Tags: Section 179 Deductions, Rental Property, COVID-19

Consider Section 179 Deductions for Real Estate Expenses

Posted on Mon, Feb 20, 2017

The Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn't a no-brainer. Here are the pros and cons.

Read More

Tags: Retailers, Deductions, Section 179 Deductions, Real Property Tax, C corporation

10 Elections That Could Save Money on Your 2015 Federal Taxes

Posted on Tue, Jan 26, 2016

This year's presidential election has drawn significant attention, but the elections you make on your 2015 personal tax return can be just as important to your financial welfare. Here's a list of 10 potential elections for individuals (including self-employed taxpayers) to consider making before tax day on April 18, 2016 (or April 19 for taxpayers in Maine and Massachusetts due to their Patriot's Day observances).

Read More

Tags: Tax Extension, Sales Tax, Section 179 Deductions, Education Credits, Investment, Tax Deduction, Home Office Deductions, Mileage Rate

EHTC: Impact of Claiming Section 179 Deductions for Real Property

Posted on Mon, Nov 18, 2013

The latest tax law provided more options for deducting qualified real property costs. Specifically, a business can elect to immediately write off such expenses (up to certain limits) under tax code Section 179, rather than depreciate them over time. However, new IRS guidance explains that claiming Section 179 deductions for qualified real property can lead to high-taxed ordinary income when the property is sold. This article explains. 

Read More

Tags: Section 179 Deductions, Real Property Tax, Latest Tax Law, Articles, Echelbarger, EHTC