Tax Blog
Accounting for Interest Deductions as a Tax Planning Option
Tax attorneys frequently come from an accounting background. This may seem like an unrelated skill, but it often plays a pivotal role in effective tax planning. The ability to navigate revenue and expenses and debits and credits not only ensures accura…
Fixing Self-Directed IRA Errors
There are ways to structure transactions to avoid income taxes. Creative taxpayers and tax attorneys have used qualified retirement accounts for this purpose (the tax savings from ESOPs is an example). One has to be careful when structuring transaction…
The Late Mark-to-Market Election
Those who trade stocks can take advantage of the mark-to-market election to convert capital losses into ordinary losses. This election is only available to “traders.” There are often questions as to when a taxpayers trading activities are s…
Using Debits & Credits to Record Transactions
When you record an accounting transaction, you need to make a debit to one account and a credit to another. […]
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Accounting for 1031 Like-Kind Exchange
Section 1031 exchanges are not new. But the rules have changed over time. A Section 1031 or like-kind exchange is […]
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Why It Still Makes Sense to Invest in Real Estate
Investing in real estate has been one way to build wealth. And it makes sense to buy real estate even […]
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How to Record Operating Lease vs Capital Lease in Quickbooks
Are you renting a property or equipment for your business? Accounting for a lease can be tricky given the recent […]
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How to Use Quickbooks for Real Estate: The Basics
Quickbooks is a convenient tool for real estate businesses. Since there are many types of businesses in real estate, your […]
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What is the Like-Kind Exchange Form 8824 All About?
Are you selling real property with plans of buying a new one of the same kind? If so, you may […]
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Form 5471: What Is It and Do You Need to File One?
Are you a U.S. shareholder of a foreign corporation? If you have been diligently filing all your returns and disclosures, […]
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