Last year the IRS released a 246-page document clarifying the law in regards to the IRS Section 199A 20% Pass-Through Tax Deduction for businesses and rental property owners. This opportunity is BIG! Too big for online tax preparation software, or for an accounting firm that has only given this law a passing glance. The law is COMPLICATED! But it is also one of the best things to happen to the tax code in a long, long time.
Planning is essential. If you didn't take advantage of IRS Section 199A last year, now's the time to find out how it can benefit you this year! DO YOU QUALIFY?
The Tax Team at The ALG Group has studied this new law to understand how you can benefit from this deduction. We're here to help our clients take full advantage of this tax benefit. The regulations outlined in the 20% tax deduction are of critical importance – Whether you're an operator of a small mom-and-pop store, small business owner, or a rental property owner, you may benefit from this change in the tax code.
In today’s world, where simple do-it-yourself tax filing software is so common, and chain tax firms are located on every corner, it’s easy to think this is the best choice for filing your tax return. These companies, with huge advertising budgets, attempt to demonstrate how easy it is to submit your return and get back to your normal life. But sadly, many people don’t realize that these products could actually result in you paying more than necessary to the IRS! Or, you could be missing out on significant tax deductions that there is no way for a computer program to know you qualify for.
What’s worse is that even if you are currently working with an accountant, there’s a chance that they may be using this same software as well. You may be able to identify this by the level of personalization your CPA offers you. It’s the nature of tax season – many companies take on as many tax returns as possible because it’s profitable for their business. But that’s not to say every accounting firm is that way! When you’re looking for a CPA you can trust, take value in their communication standards, ability to clearly communicate with you, and whether they take the time to get to know you personally.
A trained tax professional has the ability to seek out and identify important factors that a computer program cannot, such as unique circumstances that allow you to qualify for special credits and deductions, or errors that could land you in a world of trouble with the IRS. At ALG, we take a completely hands-on approach to tax preparation, planning, and consultation. We personally analyze every tax return for accuracy, and also aggressively work to uncover opportunities that can benefit your financial situation!
Your #1 goal is to optimize your tax return to benefit your business, however, do you know what tax filing strategies are available to you or what considerations may affect your return? There are many potential opportunities for small businesses to optimize their tax return by claiming the health care tax credit, deducting health care premiums, deducting certain property, deducting charitable donations, claiming the work opportunity tax credit, this NEW 20% deduction, and more! What you’re eligible for depends on your specific situation, which is why it is important to invest in quality tax preparation. You may even be able to deduct your tax preparation fees – Your return could outweigh your expense!
We completely understand that as a small business owner you already have too many things to do and not enough time. Every aspect of your organization rests on your shoulders, which can leave you feeling overwhelmed, especially around tax season.
How are you supposed to find the time to strategically prepare your taxes amongst all your other responsibilities? When it comes to optimizing your taxes to benefit your small business, you need a partner that you can trust. You work hard for your money, and the last thing you want to do is give more of it to the IRS!
At The ALG Group, we take the time to learn who you are on a personal level, as well as the unique circumstances that affect your business. As an entrepreneur, managing your finances and saving money where you can is essential to your success. We work hard to get you every credit and deduction we can find to both get you more money back on your return as well as lower your tax liability.Schedule A One-on-One Tax Prep Meeting Today!
It’s exciting to witness the success of your investment in the form of rental income, however do you know if you are maximizing your investment when it comes to your taxes? Rental real estate offers many tax benefits, although many landlords miss out on these opportunities which could mean you’re paying more on your taxes each year. In some cases, taking advantage of these tax breaks can be crucial as it can mean the difference between making and losing money on the property.
Have you previously deducted rental expenses for mortgage interest, property tax, operating expenses, depreciation, or repairs? While you may have previously been aware of some of these tax breaks for your rental property, have you considered what other opportunities may be available, such as interest, taxes, advertising, maintenance, utilities, insurance, or even expenses paid by the tenant if they are deductible rental expenses?
When our clients invest in rental properties, we understand that it’s not only a huge financial investment, but that it’s a personal investment too, which is why we take care to help you get the most out of your investment. When it comes to tax preparation, we’ll make sure to optimize your return for every possible deduction. Further, we are committed to also providing advice on tax planning going forward so that you can make informed decisions throughout the year that will benefit your tax return.CONtact us for more info on rental property deductions!
Tax season is once again upon us. Unlike past years where the tax code was fairly stable, last year's major changes, if handled properly, can be very advantageous. This year more than ever it's critical to take the time to explore every new option to optimize your return.
REMEMBER: Deductions are not found in standard online tax programs, they’re found through personal, hands-on analysis of your return. Especially for businesses and rental property owners – don't miss out on deductions!Schedule A One-on-One Tax Prep Meeting Today!
Here at The ALG Group, our passion lies in helping our friends and neighbors succeed financially. We completely understand that tax preparation and planning are not the most exciting topics that both individuals and businesses are faced with, however it’s where we thrive. We specialize in understanding all the unique aspects of the ever-changing tax laws, so that we can help our clients take advantage of missed opportunities.
We are dedicated to helping our clients understand their current financial situation and what opportunities are available to them, so that they can be confident in the quality of not only their tax return, but in their experience with our firm. Whatever your current situation, we’re here to help, and we’re here to make the process as enjoyable and stress-free as possible.
Give us a call today and we’ll talk to you about how we can personally help you!