Top Tax Deductions for Real Estate Investors (Maximize Your Savings in 2026) Real estate investors have access to powerful tax deductions that can significantly reduce taxable income. Understanding these deductions is key to maximizing profitability. Mortgage Interest Interest on loans used to acquire or improve rental properties is fully deductible. Depreciation Depreciation allows you to
CPA for Real Estate Professionals in Philadelphia: Tax Strategies & Compliance Guide If you are a real estate professional in Philadelphia, understanding your tax benefits can significantly impact your financial success. Working with a CPA ensures compliance while maximizing your deductions. Who Qualifies as a Real Estate Professional? To qualify, you must meet IRS requirements,
One of the most common — and costly — mistakes taxpayers make is waiting too long to respond to a tax notice. Across federal and state tax systems, the time allowed to challenge an income tax assessment is strict, jurisdictional, and unforgiving. Missing a deadline often means the assessment becomes final, regardless of merit. Below
Philadelphia Business Tax Changes: What Business Owners Really Need to Know In the last few months, I have been asked on many occasions about the changes in Philadelphia Business taxes and what business owners should know. Note that this change is driven by a legal challenge and the City position that the previous position breaks
In our recent blog posts, we covered the federal impact of the One Big Beautiful Bill Act (OBBBA). In this post, we turn to how these federal changes interact with state tax systems—specifically whether each state chooses to conform to or decouple from the new federal provisions. A state’s tax impact depends on two factors:
As we wrap up another year and prepare our checklists for 2026 tax season, it turns out the IRS has been working on its own New Year’s resolutions. And no, it’s not planning to “eat healthier” — but it is promising to be more forgiving. Thanks to the One Big Beautiful Bill Act (OBBBA), one
As we approach year-end, savvy business owners and high-income individuals should consider one important strategic move: accelerating charitable donations in 2025. Why? Because starting in tax year 2026, the tax benefit for many large donors will shrink under new federal legislation. Beginning with the 2026 tax year, donors who itemize will only be able to
When Congress passed the American Rescue Plan Act (ARPA) in 2021, it lowered the Form 1099-K reporting threshold to $600 — with no transaction minimum. That rule, even if delayed several times, would have drastically expanded the number of Forms 1099-K issued, pulling in even casual transactions like splitting rent or selling used personal items.
Starting with the 2026 tax year, the IRS will introduce a new form — Schedule 1-A — to capture several expanded deductions approved in the One Big Beautiful Bill Act (OBBA) that many taxpayers might overlook or might not claim. This new schedule allows individuals under certain income thresholds to report and deduct:Tips received from
Last night, President Trump officially ended the longest government shutdown in U.S. history. Federal employees are now returning to work — including national park staff and rangers, air traffic controllers, CBP officers, military personnel, and many others across agencies such as HHS, HUD, DOE, and EPA. Travelers can also breathe a sigh of relief: with
