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  edwin 05:59:45 pm on January 26, 2012 | 0 | # |
  Tags: banking, credit, finance, loans, personal finance, taxes

  It is not easy for the average rental property owner to prepare tax returns for income derived from real estate during the tax seasons.

  Fortunately for the 15 million people who own rental properties in the U.S., there are ways to make tax season a little more manageable.

  They should have a file of all transactions during the taxable year. The file will be a ready reference when preparing the tax returns. Keep a separate file for every property so that you won’t have to sort through the voluminous records at the end of the year. Each property in turn must have different files for mortgage payments, real estate taxes, insurance expenses and utility bills.

  Keep good rental payment records. Your file should contain all information regarding the rental payments including dates, reference numbers and amounts. If you don’t keep a proper record, you will have a difficult task sorting out things during tax preparation time.

  Your records should identify which payments are for which properties. You can record this with your bank deposits in your checkbook or spreadsheet or rental property software.

  There are now available rental property software that is capable of keeping an accurate record for 10 properties and 25 separate units. It makes it easier to file taxes and manage rental property income and expenses. At the end of the year, you will have ready figures for Schedule E of your tax documents. The software will keep your record up-to-date and all you have to do is fill up the form with data from a print out copy, or alternatively send the data to TurboTax or similar software.

  Separate security deposits from rent payments. Security deposits are not treated as income and must be kept apart because the amounts will be returned to the lessees at the end of the lease period.

  Mark your expenses for identification. There are expenses that would be difficult to categorize for tax purposes. When you replace the faucet in the bathroom, is that considered a repair or a capital improvement? It makes sense to differentiate the repairs from capital improvement because the former is deductible for the whole amount while the latter will be deducted on an annual basis. You may have a problem with the classification so it would be advisable to leave the matter to your accountant. Keep them in a separate place or flag them in your expense journal.

  There is also the matter of mileage deduction. As a rental property owner, you incur auto and travel expenses in the conduct of you rental business. The allowable deduction is 45 cents per mile so you must be meticulous in your record keeping to fully avail of this benefit. If you have problems with your record keeping, use MapQuest or similar devices as ready instrument for your business related travels.

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• edwin 03:29:27 pm on January 9, 2012 | 0 | # |
  Tags: banking, finance, investing, loans, tax deductions, taxes

  Interest paid on mortgage is a tax deductible figure — this is common knowledge for most, if not all homeowners. But they don’t understand how it really works.

  What you would need to do in order to estimate how much of a tax break you can get for being a homeowner and paying your mortgage would be simple — you must have a clear understanding of your tax deductions.

  First, you need to know what is deductible. In many cases, homeowners are allowed to deduct the amount of mortgage interest paid from their income. Another deductible figure for a homeowner would be the total amount of the real estate property taxes levied on the home.

  For example, we have a homeowner and a renter who both make the same annual income of $60,000.

  The renter pays $1,000 a month in rent and receives no tax benefits for renting a home.

  On the other hand, the second individual, the homeowner, holds a mortgage of $140,000, at a 7% fixed interest rate. His total mortgage payment is $1,100 a month. He pays $1,500 worth real estate property tax. For the present fiscal year, John paid a grand total of $9,755 on his mortgage interest — pretty close to an even ten thousand.

  This is where taxes will play a very big part in the equation. Even a fifth-grader can tell you that the owner can deduct $11,255 from his annual income before tax liability is calculated. The renter cannot deduct anything from his income, thus is charged a good eleven Gs more than the owner would be when taxes are calculated.

  We wouldn’t want to flummox you with complicated calculations, so let’s assume both men are in the tax bracket of 25%. The taxman will have to collect $15,000 worth taxes from Steve, since after all, his annual income is $60,000. As for John the lucky homeowner, his taxable income would now be $48,745 once you take away the aforementioned $11,255. Therefore, he would only owe $12,186 worth of income tax for the fiscal year. The owner saves $2,814 in taxes each year. And per month, that redounds to $234 worth of savings.

  So as you can see, John’s monthly payment after taxes would be, in all actuality, just $866. As for Steve, he would still pay eleven hundred dollars. And when everything is said and done, John still is able to keep his house.

  There are many variables that can affect the amount of mortgage interest you pay in any given year. But, you could often say that you can take 20% off of your mortgage payment to get a rough idea of the tax benefits of owning.

  Ask your lender. A good loan officer should be able to give you a reasonable estimate of your mortgage interest and tax payments over a given period of time. In addition, most lenders should furnish you with a schedule upon closing.

  However, the person you would want to ask when it comes to ascertaining tax deductions or your specific tax bracket would be your tax lawyer or CPA. Your loan officer can’t really help you with tax details.

  In summation, you can save a lot of money if you own a home rather than rent one. So if you’ve had it with paying rent and feeling as if you’re running in place, you might want to run to those savings and own a home instead of renting one.

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• edwin 03:12:18 pm on January 7, 2012 | 0 | # |
  Tags: banking, debt, finance, personal finance, taxes

  April 15th has come and gone, so what have you done thus far? If you did not file a tax return or extension request, you need to consider the following.

  So the 15th of April Has Passed, And…

  Let it be known that the Internal Revenue Service can be easy to “tick off” if you do not file your tax return on time. But even if you are not able to pay, a tax return or extension filed is better than nothing at all. If worse comes to worse, the IRS will simply put you on a payment plan. But if you do not, or refuse to file anything at all, that will put you a little further up the agency’s list of least favorite people, and nobody wants that to happen.

  In general, you should always try to pay your taxes whenever possible. And if you do not pay your taxes, the penalties levied on you could be, pardon the term, wicked. And if the IRS has justifiable reason to suspect you’re trying to circumvent the natural process, they will sneak up on you and up your penalties and interest to 25 percent of the bill. And that…is a daunting dollop of dinero, if you ask me.

  You need not feel any shivers down your spine when thinking of interest and fees if nothing motivated you to file your taxes, but you are due a refund. Good news, guess you don’t have to pay fees and interest after all. But wait a minute, what’s that thing you’re smoking? If this does indeed sound like you, then you must be smoking the wacky tobacky — you have just given the government a loan with no interest whatsoever! You could be using that money for so many other things — kids’ college education, paying utility bills, SO MANY OTHER THINGS, GOSH DARN IT! It’s about time you got off your derriere and did something — such as file that return. Now there are very few individuals who let returns incubate at the IRS office. If you are insanely lazy, keep in mind you will lose the refunds if you do not claim them within three years of the original filing date. Frankly, you deserve to if you are that lazy!

  If you owe taxes and do not have the cash, there may be an alternative you can use. To the surprise of many, the IRS accepts credit cards as a payment method. Oh, in case you forgot, credit cards charge ridonkulous interest rates and may not be the best choice overall. But then again, credit card providers have no right to conduct an audit on you!

  Whether you want to believe THIS or not, the IRS has a heart and a conscience too, and that being said, they realize not everybody would be able to pay all their taxes on time. To avoid the possibility of a fire-breathing taxman on your trail, you need to do one thing, even if you cannot pay yet — file that return!

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• edwin 03:21:47 pm on January 1, 2012 | 0 | # |
  Tags: banking, business, business tools, finance, taxes, wealth building

  A unique term when it comes to taxes is called capital. You pay a tax if it gains value. You can write at least some of the loss off if it loses it.

  Capital Assets Gains and Losses for Taxes

  Everything that you own is practically a capital asset. This is true whether you use it for business purposes or personal use. The internet revenue service is very interested in your capital assets. Any ideas why? What the IRS likes to do is tax the full gains while only giving you a small break on any lost value. You have to specifically report and pay taxes on gains in value of your capital assets when you sell them. The bad news is that you only get to claim a loss on capital assets if it is an investment property such as stocks. Doesn’t seem fair, but that is how the cookie crumbles these days!

  Here are some tax issue highlights on capital assets.

  Reporting gains and losses on capital assets by subtracting the price you purchased it for from the price you sold it for is what you generally do. Reported to the IRS on Schedule D is this calculation which should be attached to your 1040 tax return. Lucky you!

  Capital gains and losses are classified as long-term or short-term. The classification breaks down on¦tad a, how long you’ve owned the capital asset in question before selling it to someone else. If it has been less than a year, it is a short-term gain or loss. Hold on to it for more than a year and you are looking at a long-term gain or loss when reporting taxes. In fact, you will ultimately pay different amounts of tax since each classification requires different tax calculations.

  There is a bit of good news in which you are generally going to pay less tax on a capital asset gain. Ranging from a miserly five percent to a more painful 28 percent is are the tax rates.

  The IRS has different views towards losses even though it is happy to tax all of your capital gains. While you can deduct losses, you are only allowed of up to $3,000 each year.

  We all have capital assets, even if we don’t realize it. The IRS, unfortunately, is aware of this so make sure to report your gains and losses.

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