Inflation Reduction Act IRS Funding: Explained

The Inflation Reduction Act (IRA) was passed in August 2022 to lower inflation, lower prescription drug prices, and promote clean energy. Some provisions were immediately enacted, while others will be phased out over the next few years. The question on everyone’s mind is, “what’s up with the Inflation Reduction Act IRS Funding?” The short answer […]

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Capital Gains Rollover: Tax Strategies Explained

If you make some wise investment decisions (or have just been lucky), you’ll face having to report capital gains and wondering, “what are capital gains.” While capital gains are welcome, surprise is the feeling many people have when they realize the amount of taxes due on a capital gain. So we’ll look at common strategies […]

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EV Tax Credit 2022 Updates

Indeed, electric vehicles (EVs) are becoming quite popular with those who can afford them, that is. Not only are they quiet, but they emit no carbon dioxide as they run. As a result, many activists and policymakers champion EVs as essential to mitigating the ill effects of climate change. An EV tax credit has been […]

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What is Cost Segregation, and Can It Lower Your Taxes?

Cost segregation can help you reap huge tax savings, and it’s an excellent defense against an IRS inquiry. But, how does it work? What is Cost Segregation? When you purchase real estate, you need to split the purchase price between the building and the land. A cost segregation analysis helps you determine the proper allocation […]

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What Are the Best Mortgage Tax Deductions for Airbnb Hosts?

Mortgage tax deductions are one of the most lucrative write-offs available for Airbnb hosts. Today, we’ll show you how you can calculate and claim the valuable mortgage tax deduction. Mortgage Tax Deductions: The Basics Virtually every mortgage borrower can claim deductions relating to their loan. However, you must itemize your deductions to qualify. It’s also […]

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Mixed-Use Property: Tax Implications for Airbnb Hosts

Do you have an extra bedroom or a granny suite that’s begging to be turned in to a rental? You could rent it as a mixed-use property, also known as shared-use property or dual-use property, to offset your housing expenses. However, mixed-use properties carry special tax rules that affect how you account for income and […]

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