Income and Expense Analysis for Rental and Royalty Income: We conduct a detailed review of your rental and royalty income and associated expenses. This includes advice on properly categorizing expenses, such as maintenance, utilities, depreciation, and other allowable deductions, to accurately report income and maximize deductions.
Schedule E Preparation: Our expertise in Schedule E ensures that your income from rentals, royalties, partnerships, S corporations, estates, trusts, and residual interests in REMICs is accurately reported. We ensure compliance with IRS rules and regulations specific to these types of income.
S-Corporation Income Reporting: For clients receiving income from an S-corporation, we handle the specific reporting requirements and help you understand how this income affects your overall tax situation.
Tax Strategy for Real Estate and Investments: We provide strategic tax planning advice tailored to real estate and investment activities, helping you optimize your tax position and plan for future transactions.
Record-Keeping and Documentation Guidance: We assist in establishing and maintaining appropriate record-keeping practices, which are essential for accurate and compliant tax reporting.
Passive Activity Loss Rules Consultation: We advise on the passive activity loss rules and how they apply to your rental and royalty income, helping you navigate these complex regulations.
Audit Support: Should you face an IRS audit, we offer comprehensive support and representation, leveraging our knowledge of rental, royalty, and S-corporation tax issues.
Future Tax Planning and Advisory Services: Beyond the current tax year, we offer ongoing advisory services for effective tax planning strategies, including considerations for new investments or changes in rental or royalty activities.
Our goal is to provide thorough, personalized tax services for individuals with rental, royalty, or S-corporation income, ensuring accuracy, efficiency, and strategic tax optimization.
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