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Posts Tagged ‘Individual Tax’

Housing Assistance Tax Act of 2008 – Part 2

Posted in Individual Tax, Tax Acts and New Tax Laws, Tax Planning, Tax Tips, tagged , , , , , , , , , on September 10, 2008 | 1 Comment »

Well, here is the bad news I promised on the Housing Assistance Tax Act of 2008 and that is the closing of a “loophole” that was a great piece of tax planning for clients with rental properties.  I fail to see the “assistance” in this tax act…
Under current law, you can take a property that [...]

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Housing Assistance Tax Act of 2008 – Part I

Posted in Individual Tax, Tax Acts and New Tax Laws, tagged , , , , , on August 4, 2008 | Leave a Comment »

President Bush signed the Housing and Economic Recovery Act of 2008 on Wednesday, July 30th, 2008, which contained tax provisions titled the Housing Assistance Tax Act of 2008.  There are many changes that will affect the 2008 tax year, and I hope to cover them in the next week for you.
Here are some great resources:
CCH [...]

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Office in Home Depreciation

Posted in Individual Tax, Tax Planning, Tax Tips, tagged , , , , , on August 2, 2008 | Leave a Comment »

When meeting with new clients that have sole proprietorships or single-member LLCs,  I often find that their prior accountant or CPA had them take depreciation on the portion of their home used for an office in home.  I am not necessarily against taking the deduction, but I do think it is not right for everyone [...]

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