Estimated Tax Penalty
The IRS (Internal Revenue Service) estimated tax underpayment penalty, also known as the underpayment penalty or the estimated tax penalty, is a penalty imposed on taxpayers who do not pay enough in estimated taxes throughout the year. Estimated taxes are payments made by individuals, self-employed individuals, and businesses to cover their tax liability when they […]
Read MoreThe Dreaded Depreciation Recapture
Depreciation recapture is a tax concept related to the sale of a rental property that has been depreciated for tax purposes. Depreciation is an accounting method that allows property owners to deduct a portion of the property’s cost as an expense over its useful life, which helps to offset taxable income. However, when the property […]
Read MoreDealer vs Investor
Article: Dealer vs Investor From the perspective of the Internal Revenue Service (IRS) in the United States, the distinction between a dealer and an investor is important for tax purposes, particularly in the context of buying and selling securities, real estate, or other assets. The categorization as a dealer or an investor can have significant […]
Read MoreTax Incentives for Deconstruction and Personal Property Donations
Article: Tax Incentives for Deconstruction and Personal Property Donations Current tax law allows individuals to deduct the Fair Market Value of non-monetary charitable contributions. Materials salvaged from a building structure as well as personal property donated to a nonprofit 501(c)(3) or government entity like schools, colleges or parks and recreation systems, may qualify to be […]
Read MoreThe Qualified Appraiser
Article: The Qualified Appraiser Category: Charitable Donations Within the industry of personal property appraisal production, many brilliant individuals utilize conservative and accurate valuation and set the standard for the industry. Unfortunately, like any financial sector, there is the potential for abuse. These abuses are typically one of two types and often a combination of both. […]
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