Property Tax Deductions
Unless you have an accountant which is specialist in this field you are probably missing out on few advantages of investment Property Tax Deductions. Below are few things to keep in mind to make the best tax refund possible.
Even with the positive ROI on the property most of you are paying thousands of dollars as a mortgage interest but the good news is that not all the paid interest is a loss as one can deduct the amount paid on taxes which lead to massive savings and this is even better when one own multiple properties.
Now something else which you may have not realize yet- you may also be able to deduct the interest on business credit card which is used for home maintenance or services. And as the interest rates are high on most credit cards benefits from deduction are also huge.
Short and Long distance (Travel)
You may also be able to deduct expenses occurred on travelling to/from the property. The most common example of this is reporting the number of miles travelled by the car and you will be able to save $X on every mile on your taxes.
Similarly for long distances airfare, hotels etc. can also be deducted as well but for tis you need to be able to prove that you were on a business trip.
This tax deduction is for landlords and many people don’t know about it. One is entitled to deduct entire Insurance premium on home. This includes insurance for fire, flood or theft insurance.
If several employees preform the maintenance tasks, you can also deduct the premium which is paid for their compensation insurance.
Professional service costs
You definitely are also paying to other services which help in running your business as a landlord and these services are also up for Deductions based on their costs.
Give a try to see for yourself and utilize its migration package before the time expires.
For more info or staying abreast to the changes in its services, you can visit this link: http://www.simplifyem.com/pay-rent