If you own rental property, classifying it as a trade or business can have an impact on the tax breaks for rental real estate.
Tax Breaks for Rental Real Estate
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If you own rental property, classifying it as a trade or business can have an impact on the tax breaks for rental real estate.
Whatever your business’s situation, taking full advantage of available tax breaks for small businesses — including temporary relief in response to the crisis — is critical.
For decades, business owners debated the merits of switching from a C corp to an S corp, mainly for the tax advantages offered by an S corp to its owners. With the new tax act in place, the debate has flipped, and S corp owners are wondering if changing to a C corp might be advantageous.
The IRS has issued regulations on the 20% Pass-Through Deduction. This article explains the deduction, the Safe Harbor requirements and what forms to file.