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What Landlords Need to Know about the Tax Filing Extension

What Landlords Need to Know about the Tax Filing Extension

Due to the pandemic, May 17 is now the official federal tax day for individual taxpayers this year. Postponed from April 15, this new tax day provides a needed federal tax extension for many. If individuals need more time to complete their taxes, there’s nothing they have to do (like file a form) to qualify for the extension. It’s automatically available for them, and penalties and interest only apply after May 17.

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Tax Season Digest

Tax Season Digest

Tax season began on February 12, 2021 and will last until the deadline of April 15, 2021. Though it’s possible the IRS may extend the filing deadline, it’s always best to complete the filing process in a timely manner.

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What to Expect from the 2021 Tax Filing Season

What to Expect from the 2021 Tax Filing Season

Are you itching to get your tax return back? The IRS has been open for your tax filing since February 12, 2021, and you have until April 15 to submit it. With last year’s average return more than $2,500, this year may have a similar amount in store for you. To get your money as quickly as possible, e-file and select direct deposit.

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The Role of Accounting in the Rental Property Business

The Role of Accounting in the Rental Property Business

Accurate accounting seems like one of the fundamental parts of the landlording business. However, many landlords don’t focus enough attention on their financial management, and the bookkeeping aspect is often overlooked. They don’t calculate monthly expenses, claim tax deductions, or keep track of rent transactions. As a result, financial stress and thousands of receipts in their drawer are guaranteed. But it can be easily improved by building the habit of keeping digital records and separate personal and business finances.

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Tis the Season to be Taxed!

Tis the Season to be Taxed!

A major reason for owning a rental property is the tax advantage, but many don’t end up utilizing the advantages because they get lost in the details. As a real estate investor, you need to make sure to take advantage of all the benefits. 

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The Landlord’s Guide to Tax Season 2020

The Landlord’s Guide to Tax Season 2020

As tax deadlines approach, developing a baseline understanding of how real estate taxation works should be every landlord’s first priority. In this article, we will outline some of the basics that will help you navigate tax season and introduce you to the deductions that can significantly reduce your taxes.

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Tax Deductions for Landlords to Keep in Mind, Part Two

Tax Deductions for Landlords to Keep in Mind, Part Two

Knowing which deductions apply to you as a landlord will help you take full advantage of available tax benefits during filing season - allowing you to keep more cash in the bank. Below are several equipment and supply deduction categories to keep in mind as you gear up for the big day. Use them as a guide to track your own list of deductibles. By learning your deduction landscape now and by tracking potential deductible purchases, your life will be much easier on tax day.

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Best Tax Deductions for Landlords to Keep in Mind, Part One

Best Tax Deductions for Landlords to Keep in Mind, Part One

As a landlord, you can claim a lot of deductions at tax time. In fact, the real estate rental category is eligible to write off more expenses than most other categories - so do not let your deductions go unclaimed! By learning which deductions are available to you, you will be prepared to get your full benefit. Let us take a look at some of your available deductions.

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Tax Season Deductions for Landlords: Understanding Passive Activity Laws

Tax Season Deductions for Landlords: Understanding Passive Activity Laws

Understanding tax implications, especially as a new landlord, can help you strategically approach your taxes. While the real estate rental tax landscape is complicated and easy to gloss over, one important tax law you will want to understand is passive activity loss (PAL). Since most real estate rental income is considered passive income, this law will likely apply to you, and if it does not, you should know why. So let us dive in!

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