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The Home Office Deduction: Why It Works for Real Estate Agents but Often Fails for Doctors One Room Can Save You Taxes. One Kitchen Table Can Cost You. Many professionals assume that answering emails from home automatically qualifies them for a home office deduction. Unfortunately, the IRS sees things differently. The key issue is a simple but powerful requirement under Section 280A of the Internal Revenue Code: The space must be used exclusively and regularly for business. That single word,...
The $25,000 Question: Are Your Rental Property Losses Saving You Taxes — or Just Sitting on the Shelf? A Tax Strategy Every Doctor, Investor, and High-Income Earner Should Understand You own rental properties. Last year, your rentals generated a $50,000 loss after accounting for depreciation, repairs, maintenance, and property management expenses. At the same time, you earned $400,000 from your career as a physician, business owner, executive, or other high-income profession. Here's the big...
June 15 Is Coming: Why Your Q1 Profit May Be Lying to You (And How to Fix It) Think You Had a Great First Quarter? The IRS Thinks So Too. A surprise commercial real estate closing. A surge in cash-pay cosmetic procedures. A profitable investment sale. If your income jumped significantly during the first part of the year, there's something important you need to know: The IRS expects its share now—not next April. Many business owners assume they can wait until tax season to settle the...