State Property Tax Ranking

Posted on August 25, 2016August 25, 2016Categories Taxes   Leave a comment on State Property Tax Ranking

Property tax can eat into a majority of your rental property income, or significantly increase your housing cost. Considering that rental property investing is a slow, long game with respect to monthly income / cash flow — keep an eye on your property tax as a percentage of your overall expense! Some people don’t invest in Texas for that very reason. Its property taxes are extremely HIGH, which helps to depress its property value. But Taxes has no state income taxes — … Continue reading “State Property Tax Ranking”

Consulting Success: 26 IRS Audit Risks You Should Know

Posted on January 12, 2016Categories Audit Risk, CPA, Taxes   Leave a comment on Consulting Success: 26 IRS Audit Risks You Should Know

This chapter is devoted entirely on the discussion of tax audit red flags and how to avoid them. Once a return is selected for audit, the level of scrutiny and leniency are all depending on the IRS agent’s and his manager’s working style. Some agents and managers will make sure no stones are left unturned. Others can be very pragmatic. It’s also very important for your CPA to manage and maintain a good the relationship with the agent. I had … Continue reading “Consulting Success: 26 IRS Audit Risks You Should Know”

Consulting Success: Legal Business Entities, and the Expectation of a CPA

Posted on January 6, 2016January 10, 2016Categories Business, CPA, Legal Business Entity, Taxes   Leave a comment on Consulting Success: Legal Business Entities, and the Expectation of a CPA

Members of ConsultantFriends.com: As a CPA, it is my passion to help entrepreneurs like you to become more successful business owners. It is my great pleasure to announce that I will contribute a series of articles that are specifically written to help propel you and your businesses to a higher level of success. It is impossible to cover every nuance here so please contact me directly should you have any questions. Let’s dive into Chapter One: Leap of Faith. This … Continue reading “Consulting Success: Legal Business Entities, and the Expectation of a CPA”

Your Homes, The Trifecta of Tax Saving Haven?

Posted on December 21, 2015December 21, 2015Categories Save & Invest your Money, Taxes   Leave a comment on Your Homes, The Trifecta of Tax Saving Haven?

After working hard for so many years, you finally bought your dream house. Do you know that you have also just landed onto a trifecta of tax saving haven? Mortgage interest deduction You can claim this deduction if you take out mortgage loans to buy up to two houses! One for your first primary residence and the other for your second vacation home that you can usually rent out to generate more income! However, you can only deduct the interests … Continue reading “Your Homes, The Trifecta of Tax Saving Haven?”

Tax Tips When Starting a Business

Posted on December 17, 2015December 21, 2015Categories Legal Business Entity, Starting a Business, Taxes   Leave a comment on Tax Tips When Starting a Business

Tired of your day job? Sick of your boss? Your entrepreneurial spirit keeps reminding you that it is about time to start a business and start making money for yourself. Before you call it quit, let’s take a look at what you will get yourself into. Two deductions are available to you right off the bat: the start-up costs up to $5,000 and organizational costs up to $5,000. Any excess costs must be amortized over a 15-year period. Next is to choose the … Continue reading “Tax Tips When Starting a Business”

10 Most Tax-Friendly States

Posted on December 16, 2015December 16, 2015Categories Taxes   Leave a comment on 10 Most Tax-Friendly States

As someone who works and pay taxes in the U.S., it would be wise to know which states offer the most friendly tax policy to their residents and investors. Tax expenses is one of the highest expenses of one’s life time. By carefully selecting the state(s) where you will live and invest can be the difference between getting rich, and going poor. The below 10 states are the most tax-friendly! #1 Alaska State Income Tax: None State Sales Tax: None … Continue reading “10 Most Tax-Friendly States”