Joseph T. Palmiero, CPA

01/04/2023

Tax Checklist for Real Estate Investors. 👇

https://palmierocpa.com/year-end-tax-checklist-for-real-estate-investors/

11/30/2022

Real Estate Investors and Business Owners:

2022 is the last year for 100% bonus depreciation. Assets must be placed into service before the end of the year to take advantage of the full 100% write-off.

11/23/2022

"Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes."

Gregory v. Helvering, 69 F.2d 809,810 (2d Dir. 1934)

11/22/2022

Real Estate Investors who own a business:

Talk to your tax advisor about setting a self-directed 401k to fund your next real estate deal. You can make a tax deductible contribution up to $61,000 and up to $67,500 if you are 50 or older.

11/17/2022

Tax Tip for business owners - Consider talking to your attorney about setting up an LLC for January 1st if you estimate your income will be $40,000 or more in 2023. This will give you more options to save taxes.

11/16/2022

Airbnb Hosts - Talk to your tax advisor about how you can shelter your W-2 earnings and business income with paper loses from your short term rentals.

11/14/2022

John Maynard Keynes: "The avoidance of taxes is the only intellectual pursuit that carries any reward."

01/13/2022

Don't forget - Final estimated tax payments are due on Tuesday, January 18th!

01/11/2022

The IRS announced that they will begin accepting tax returns on January 24!

IR-2022-08, January 10, 2022 — The IRS announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.