H&R Block has become one of the most recognized names in the tax preparation business. The company operates around 12,000 retail tax offices in the U.S., Canada, and Australia and,…
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Can landlords use TaxAct for their rental properties?
Mark Twain once said that the only difference between a taxman and a taxidermist is that the taxidermist leaves the skin. While that may be a bit of an exaggeration,…
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Tax benefits of accelerated depreciation on rental property
The 3 main reasons for investing in rental property are recurring income, the potential for equity appreciation over the long term, and unique tax benefits. One of the most significant…
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The 9 best tax software for tracking rental property
There are 24 major tax changes and updates for the 2021 tax year, according to a report from Kiplinger. Although the last thing many people want to think about is…
Are utilities tax deductible for rental property?
One of the many benefits of owning a rental property is being able to deduct normal operating expenses from gross rental income to reduce taxable net income. Utilities are generally…
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Can landlords use TurboTax for their rental properties?
Some of the most well-known duos and combos in the world include bread and butter, peanut butter and jelly, car and driver, and yin and yang. To this list, a…
9 Common Landlord Tax Deductions [2022 Update]
Familiarize yourself with these top landlord tax deductions that can help reduce your tax burden to the IRS. 1. Depreciation Depreciation is one of the biggest and most important deductions…
Understanding Passive Activity Limits and Passive Losses [2022 Tax Update]
As a rental property owner, it’s not uncommon for your properties to produce a net loss for tax purposes thanks to depreciation and other operating expenses. The treatment of these…
