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Tax Implications of Selling Qualified Improvement Property (QIP)

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You need to think about the sale of your rental property when you claim depreciation on your qualified improvement property (QIP). Gains may be subject to higher-than-expected tax rates due to Section 1245 and Section 1250 ordinary income recapture and other factors. Planning your depreciation methods can significantly impact your current tax liabilities and long-term …

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Major Tax Changes Ahead and What Every Business Owner Needs to Know

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Discover What the New $78 Billion Tax Deal Means for You In an ambitious move, Congress is considering a bipartisan tax deal worth $78 billion. This legislation primarily aims to enhance child tax credits and reinstate key business deductions. Understanding these changes is crucial for every business owner. Part 1: A Boost for Working Families …

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Key Insights into Depreciation

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Here are some crucial insights into depreciation, particularly regarding business or rental assets. When Does Depreciation Start? Technically, depreciation begins not when you use an asset but when it’s ready and available for its intended purpose. For instance: • A rental property begins depreciating when it’s available to rent, even if it hasn’t been rented …

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New FinCEN Filings Went Into Effect on January 1

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For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited liability companies, and limited partnerships and on certain other business entities. No later than December 31, 2024, all non-exempt business entities must file a beneficial owner information report (BOI …

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