assets

Cost Segregation – How it works and when to use
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Cost Segregation – How it works and when to use

Individuals

Cost Segregation – How it works and when to use

Cost Segregation is one of the big words use by tax gurus and tax strategists to potentially make you pay less taxes. Cost segregation is simply accelerating depreciation on real estate assets that are usually subject to 27.5 residential and 39 commercial to some items (parts of the building) at 5, 7 or 15 years

By Victor Garrido, CPA, EA|2024-11-18T01:23:46+00:00January 13th, 2025|Categories: Individuals|Tags: assets, commercial, cost, estate, loss, material, participation, passive, real, residential, rules, segregation|

IRS reminds to report gig economy, crypto, foreign income and assets
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IRS reminds to report gig economy, crypto, foreign income and assets

Individuals

IRS reminds to report gig economy, crypto, foreign income and assets

In the IR-2022-45, the IRS reminds taxpayers of their reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-source income or holding certain foreign assets. Gig economy earnings are taxable Generally, income earned from the gig economy is taxable and must be reported to the IRS. The gig

By Victor Garrido, CPA, EA|2025-01-10T01:55:09+00:00March 12th, 2022|Categories: Individuals|Tags: 2023, Accounting services near me, accounts, assets, CPA near me, crypto, cryptocurrency, economy, FBAR, foreign, gig, income|

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