Want to Move? Tax Implications of Converting a Home to a Rental Property

Are you planning to relocate or downsize your home? The residential real estate market has cooled off in many parts of the country. So, it could make sense to hold off on selling your home. Instead, you might consider converting the property into an income-producing rental. Here are some important tax issues that factor into making such a decision.

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Resist the Urge to Purge after Filing Your 2022 Tax Return

The mountain of paper and electronic records that's needed to support your tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long do you need to save these records? Three years is the general rule. But don't be hasty: Failure to keep a paper trail for the information provided on your returns could lead to problems if you're audited.

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Federal Tax News for Businesses

1. Businesses Targeted for Identity Theft 2. Deduct the Cost of Seeking New Business 3. Business vs. Hobby: Protect Your Tax Deductions 4. A Scam Involving Employee Retention Credits 5. A Proposed New Way to Report Tips

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Update on Deducting Business Meal and Entertainment Expenses

The federal tax rules for business-related meal and entertainment costs are confusing. In general, deductions for entertainment expenses have been permanently disallowed under current law, but there are several exceptions. In addition, the temporary deduction for 100% of business meals expired at the end of 2022. Read on to find out how much can be deducted under applicable rules.

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Should You Extend Your 2022 Tax Return?

The IRS recently issued a statement advising certain taxpayers to hold off on filing their 2022 returns. This issue has been resolved, and the IRS wants tax filing season to resume as normal. But some people are wondering whether they should file for an automatic six-month extension. There are many valid reasons to extend your deadline, but there are also some pitfalls.

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Measuring fair value for financial reporting purposes

Fair market value is the appropriate standard of value in most business valuation assignments. But when valuing an asset for financial reporting purposes, fair value is generally used. Here’s an overview of what fair value is and how it differs […]

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Valuing a startup business

Do you know how much your startup is worth? A business valuation professional answers this question by combining the entrepreneur’s projections with objective, market-based data.

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