Private Foundation Tax - Understanding Excise Tax in a 990-PF Return: How It Applies to Investment Income
Private foundations operate under unique tax rules, particularly when it comes to excise tax on investment income. If you’re a tax professional assisting foundations with their Form 990-PF, understanding how excise tax applies to capital gains, interest income, and dividend income is crucial. In this post, we’ll break down the key points you need to know.
Maximizing Tax Savings: Cost Segregation Study on Residential Rental Property
Maximizing Tax Savings: Cost Segregation Study on Residential Rental Property
Investing in residential rental properties can be a lucrative endeavor, but maximizing profitability requires strategic tax planning. One powerful tax strategy is conducting a Cost Segregation Study. This technique allows property owners to accelerate depreciation deductions, thereby reducing taxable income and increasing cash flow. In this post, we will explore how cost segregation works, provide an example of its application on a residential rental property, and explain how the resulting loss can be utilized on a personal tax return for all three types of rental participation: passive, active participation, and real estate professional.
Navigating Ohio Business Taxes: What Every Business Owner Needs to Know
Navigating Ohio Business Taxes: What Every Business Owner Needs to Know
If you're a business owner in Ohio, understanding your tax obligations is crucial for staying compliant and maximizing your savings. Ohio’s tax landscape can be complex, especially when it comes to how business income impacts your personal taxable income. In this article, we’ll break down the essentials of paying business taxes in Ohio, with a special focus on how Schedule C and Schedule E income can be deducted from your personal taxable income
