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Tangible Assets Used In Converting Corn To Fuel Grade Ethanol Are Properly Included In Asset Class 49.5

A certain important person in my reality - my wife - is becoming increasingly interested in the business end of biomass refineries. You go girl. Funny but this interest also happens to correlate with a new file I am developing

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Posted in Asset Classification, Depreciation, Husband/Wife, Tax Guidance & Preparation, Tax Problems & Requests, Uncertain Tax Position

IRS Publication 503 – Dependent Care Expenses

A taxpayer came to me today for verification on dependent care expenses. Their basic profile may be similar to yours. A husband and wife with two children in day care. The wife is a full time student that does not

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Posted in Children, Dependent, Disallowed Expenses, Husband/Wife, Tax Guidance & Preparation, Tax Problems & Requests, Taxable Income, Unemployment

Co-ownership of Rental Real Estate Does Not Require Partnership Formation

Business Entity Selection and the Tax Consequences of Converting

Generally co-ownership in rental property does not require the formation of a partnership when the following conditions are met. 1. Each co-owner must hold title to the property as a tenant in common (TIC) under local law. This usually doesn't apply

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Posted in Husband/Wife, Partnership, Rental Real Estate

IRS Form 1040 Schedule C: Profit or Loss from Business

IRS Form 1040 Schedule C: Profit or Loss from Business

IRS Form 1040 Schedule C: Profit or Loss from Business can be a tough form to work through.  Tread lightly and seek guidance. The sole proprietorship or single member Limited Liability Corporation (LLC) is in my opinion the easiest type

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Posted in Accounting Method, Business Expense, Business Income, Car expense, Depreciation, Disallowed Expenses, Employee Business Expense, Entity Classification, FICA, Health Insurance, Hobby, Home Office, Husband/Wife, IRS Form 1040 Schedule C, Medicare, Net Operating Loss, NOL, Passive Activity, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Start up costs, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests

Should A Husband/Wife Form an LLC to Invest In Real Estate?

Business Entity Selection and the Tax Consequences of Converting

Should A Husband & Wife Form an LLC to Invest In Real Estate? Literally the $1,000,000 question. A husband and wife formed a Limited Liability Corporation (LLC) that invests in rental real estate to protect themselves in event of a

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Posted in Husband/Wife, LLC, Rental Real Estate
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