Understanding both individual and corporate tax practice is what the accountants at John Kiley CPA, LLC do best. We pride ourselves on the ability to clearly communicate with our clients to help them navigate not only tax season, but their financial futures as a whole. We believe that every client deserves financial freedom and to understand which tax strategies are most rewarding for their unique situations.
That is why we strive every day to provide our clients with the best customer service available and to never allow a prerecording to do the job for us. Your business may gain substantial tax benefits with a cost segregation study, but they're not right for everyone. Here's how this strategy can help accelerate depreciation tax deductions on the building that houses your operation.
A special federal income tax break is available if you rent your vacation home for less than 15 days during the year. Here are the rules. Whether you win money gambling online, playing at a casino or participating in a sports betting activity, there are tax implications.
That is why we strive every day to provide our clients with the best customer service available and to never allow a prerecording to do the job for us. Your business may gain substantial tax benefits with a cost segregation study, but they're not right for everyone. Here's how this strategy can help accelerate depreciation tax deductions on the building that houses your operation.
A special federal income tax break is available if you rent your vacation home for less than 15 days during the year. Here are the rules. Whether you win money gambling online, playing at a casino or participating in a sports betting activity, there are tax implications.
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John "Jack" Kiley is a Certified Public Accountant and the Managing Partner of MidAtlantic IRA.
John "Jack" Kiley is a Certified Public Accountant in the state of Maryland.
He also carries the designation of CISP, Certified IRA Specialist Professional from the American Bankers Association.
He is an entrepreneur, financial planner, real estate investor and a managing partner of MidAtlantic IRA, LLC, a third party administrator of self-directed IRAs.
Jack brings more than 30 years of experience in public accounting and has owned his own firm for over 20 years.
John "Jack" Kiley is a Certified Public Accountant in the state of Maryland.
He also carries the designation of CISP, Certified IRA Specialist Professional from the American Bankers Association.
He is an entrepreneur, financial planner, real estate investor and a managing partner of MidAtlantic IRA, LLC, a third party administrator of self-directed IRAs.
Jack brings more than 30 years of experience in public accounting and has owned his own firm for over 20 years.
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began.
And there are still more traditional ways to gamble and play the lottery.
If you're lucky enough to win, be aware that tax consequences go along with your good fortune.
Whether you win online, at a casino, a bingo hall, a fantasy sports event or elsewhere, you must report 100% of your winnings as taxable income.
They're reported on the "Other income" line of your 1040 tax return.
To measure your winnings on a particular wager, use the net gain.
And there are still more traditional ways to gamble and play the lottery.
If you're lucky enough to win, be aware that tax consequences go along with your good fortune.
Whether you win online, at a casino, a bingo hall, a fantasy sports event or elsewhere, you must report 100% of your winnings as taxable income.
They're reported on the "Other income" line of your 1040 tax return.
To measure your winnings on a particular wager, use the net gain.
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined.
The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.
First, note that separate depreciation calculations for a passenger auto only come into play if you choose to use the actual expense method to calculate deductions.
If, instead, you use the standard mileage rate (56 cents per business mile driven for 2021), a depreciation allowance is built into the rate.
The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.
First, note that separate depreciation calculations for a passenger auto only come into play if you choose to use the actual expense method to calculate deductions.
If, instead, you use the standard mileage rate (56 cents per business mile driven for 2021), a depreciation allowance is built into the rate.
Many homeowners across the country have seen their home values increase recently.
According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020.
The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in the West.
If you're selling your principal residence, and meet certain requirements, you can exclude from tax up to $250,000 ($500,000 for joint filers) of gain.
You must have owned the property for at least two years during the five-year period ending on the sale date.
According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020.
The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in the West.
If you're selling your principal residence, and meet certain requirements, you can exclude from tax up to $250,000 ($500,000 for joint filers) of gain.
You must have owned the property for at least two years during the five-year period ending on the sale date.
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones.
By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax.
The exclusion amount for 2021 is $15,000.
The exclusion covers gifts you make to each recipient each year.
Therefore, a taxpayer with three children can transfer $45,000 to the children every year free of federal gift taxes.
By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax.
The exclusion amount for 2021 is $15,000.
The exclusion covers gifts you make to each recipient each year.
Therefore, a taxpayer with three children can transfer $45,000 to the children every year free of federal gift taxes.
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