The IRS has finally released a 246-page document clarifying the law in regards to IRS Section 199A, 20% Pass-Through deduction for businesses and rental property owners. IT'S BIG and it's also complicated. This opportunity is TOO BIG to go it alone, using online tax preparation software, or with an accounting firm that has only given this new 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 haven't started thinking about IRS Section 199A, and how it can benefit you - you should start today! First things first...DO YOU QUALIFY?
The Tax Team at ALG Group has worked all YEAR to understand how you can benefit from this deduction, and is poised to help our clients take full advantage of this new tax benefit. The regulations outlined in the new 20% pass through 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.
It’s likely that you or someone you know has had a negative experience with an accountant or tax preparer. The hard and often expensive truth is that many tax preparers use the standard tax filing software to quickly prepare and file your return. As such, the experience isn’t personalized and you could be missing out on deductions! It’s unfortunate that these stories are all too common because your relationship with your accountant is a personal one. They’re handling sensitive, financial information and it’s imperative that you have confidence in the accountant you choose. So, it’s completely understandable that it becomes frustrating when your accountant engages in any of the following behaviors:
So, why have you stayed with your accountant for so many years? In our experience, you might feel like you don’t have any other choice. Finding a new accountant can be a stressful process and it’s probably not on your list of desirable things to do. As a result, you may end upcompromising a quality tax return in order to stick with the status quo.
But you shouldn’t have to sacrifice! You shouldn’t have to be at the mercy of someone else’s inadequate performance – especially when it’s your money and you are the one paying for the service. You have options!Call Us Today to See How The ALG Group Can Help!
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 see how it seems like the obvious 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 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. Not only do we personally analyze every tax return for accuracy, we also aggressively work to uncover opportunities that can benefit your financial situation!
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 the quality of 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!
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!
For better or worse – tax season is once again upon us. And, unlike recent years where the tax code was fairly stable, we’re all facing major changes, that if handled properly can be very advantageous. This year more than ever it’s going to be about taking the time to ensure we look under every stone, and 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.
Tax season is the time of year dreaded by most. The gathering of documentation. Wondering if you’ll owe the State or IRS money. Wondering if you’ll get a refund. Did you do everything you could throughout the year to maximize your return? Do you know what deductions you’re eligible for, or that you may be missing out on? We don’t blame you for feeling overwhelmed! Tax laws are complicated and especially with the new tax laws, it’s hard to know what to look out for. Not to mention, if you’re feeling frustrated with your current accountant, it can make this time of year even worse, leaving you feeling less than confident in your financial situation.
Armed with valuable insight and information, you can be confident in your decision to choose a professional tax accountant that can not only complete and file your return for you, but that willgive you the personalized attention and hands-on analysis that you need in order to optimize your tax return for 2019!Get Your Tax Preparation Packet Now!