tax tips from a former irs agent
We did the time behind the scenes, now you get the benefit of that first-hand experience.
Understanding the Three Types of Income for Tax Purposes: Earned, Passive, and Portfolio
When it comes to taxes, not all income is treated the same. In fact, the IRS classifies income into three main types—earned, passive, and portfolio income—and each is taxed differently. Whether you're a business owner, real estate investor, or simply looking to get a better handle on your finances, understanding these categories can help you plan smarter and avoid surprises at tax time.
Three things that make your rv or boat a tax break
Owning an RV or boat can be more than just a lifestyle choice—it can also be a bold financial move if you know how to make it a legitimate tax deduction. While the IRS has strict guidelines, there are three key ways to qualify your RV or boat as a deductible expense: treating it as a primary or secondary home, using it for business purposes, or renting it out as an investment property.
THREE AREAS TO FOCUS ON WHEN INVESTING IN REAL ESTATE
Focus on these three areas to assess how your real estate investment can support great tax outcomes.