Allan Rolnick's (taxcoach) Blog

           The best marriages, so they say, age like fine wine. They gain richness, and color, and depth. They ripen and mellow as experience piles upon experience, bonding the couple and deepening the intimacy as husband and wife stroll hand-in-hand through the majestic tapestry of life. (Cue th...

The recent tax reform, known as the Tax Cuts and Jobs Act (TCJA), added some good benefits to your real estate rentals, both commercial and residential.  Notably, your qualified business income from your real estate rentals creates a possible 20 percent tax deduction with no effort on your part. ...

Congress created the qualified improvement property category in the Tax Cuts and Jobs Act with the idea that you could fully expense such qualified property with bonus depreciation.  But Congress made an error in the law, and now you can’t use bonus depreciation for qualified improvement property...

Cost segregation breaks your real property into its components, some of which you can depreciate much faster than the typical 27.5 years for a residential rental or 39 years for nonresidential real estate. When you buy real property, you typically break it into two assets for depreciation purpose...

           When Mark Zuckerberg was 19 years old, he launched Facebook from his Harvard University dorm room. (Some cynics might say "stole" is a better word than "launched," but who wants to start that debate?) Since then, he's made Facebook one of the internet's most valuable brands. And as he'...

We're finally getting some guidance from the IRS related to some of the subtleties of the TCJA (i.e. the new tax laws), specifically about the new rules for 100% depreciation of certain equipment in the first year.If you have no earthly idea of what I'm talking about, either you don't typically d...

All of the tax media outlets (and even some non-tax ones) were shouting about a new Government Accountability Office (GAO) report that showed that (gasp) millions of taxpayers are underwithholding, and that they will face a tax bill come 2019. Apparently, there was an increase of 3% of those who ...

 A letter from the IRS is rarely a good thing. One of the worst missives to get from the tax man is the CP90 – Final Notice Before Levy. It is a final warning shot to scare you into paying up and should not be ignored. After an IRS final notice, you could:    Pay in full - but if you could afford...