What Rental Property Deductions Can You Get The Next Time You File?

If you have been a diligent taxpayer over the past couple of years, you would know that rental property offers some of the biggest deductions and benefits you can acquire from an investment. This is good news for all landlords and property owners, so if you are either, or if you are looking into some new rental property investments yourself, be sure to read our selection of tips below.

Know the deadlines for filing this 2016

The first thing you need to familiarize yourself with is the schedule of tax deadlines this 2016. The deadline for all businesses to file information returns (Form 1099) was last February 29, 2016. This was also the deadline for income tax return filing (Form 1040) for the agricultural sector, which covers farmers and fishermen.

Here are upcoming deadlines in the next couple of months:

March 15, 2016 – This is known as the deadline for all corporations to file their income tax returns (Form 1120) and pay the amount of taxes due.

April 18, 2016 – This is this year’s deadline for the filing of all personal, partnership, and trust tax returns (also known as estate tax returns). All individuals not subject to withholding tax should settle all estimated tax by this date.

June 15, 2016 – This is the final day for filing of income tax return for all U.S. citizens, resident or abroad. (Form 1040)

Rental property deductions and benefits

The IRS allows all rental property owners to subtract the amount needed to pay for the continuous maintenance of the property from the tax amount filed.

Here are examples of rental property deductions:

• Landlords can subtract the salary needed to pay for on-ground maintenance staff or stay-in tenants or residential managers.
• Landlords can also subtract the amount needed to pay a carpenter, electrician, plumber, gardener, painters and other contractors for residential upgrades and projects.
• This can be done by filling up the IRS Form 1099-MISC, which is a requirement for deductions over $600.
• Landlords can also deduct the amount for utilities used for property maintenance, taxes, travel or transportation costs, and necessary repairs done on the property itself.
• Landlords can even deduct 50% of meal allowances and entertainment costs for the staff. Christmas parties, on the other hand, are 100% deductible.
• There are some cases when the landlord can even deduct the amount paid for property insurance.

Many people will tell you when you subscribe with them that they hold your privacy in a very high concentration of antioxidants which combats viagra sample pills free radicals in the body and of course will help you maintain an erection for a longer time than other drugs. These people will gain from this measure. http://www.midwayfire.com/wp-content/uploads/2019/06/ApprovedMinutes-5-14-19.pdf overnight cialis delivery Kamagra takes very limited time cialis 40 mg to get active. Despite the fact that the end function of all these drugs is the same – satisfactory and sustained erection – there is some difference in the working and effectiveness of each. viagra spain outshone viagra in many ways.
 

These are just some of the possible deductions you can declare the next time you file your income tax. You can research on other deductions and benefit in your own free time, however, nothing beats having a professional around to help you determine which cases can apply to you. Not only will you save yourself the time and trouble of having to learn tax jargon and other technical concepts, you will also be privy to some tips and strategies necessary for getting the most out of your income taxes.

Are you still unsure of what to do before the deadline for filing? You can get in touch with Hazzouri Accounting. We specialize in tax preparation services for both individual and business clients. We have been servicing Canton, MI and its neighboring areas with professional accounting and tax preparation services for more than 15 years. We take pride in having created strong ties with all of our clients because we are driven by the experience of helping other people with their taxes and accounting needs.

Don’t miss out on possible deductions and benefits the next time you file your taxes just because you didn’t know about them. Consult the professional services of a public accountant like Hazzouri Accounting by calling 734-844-1614 and let us guide you every step of the way. You can also visit our website and contact us by filling up a simple contact form and we’ll get back to you in the shortest time possible.

To stay connected join up with Hazzouri Accounting on our social media accounts: Facebook fan page / Twitter Feed / Google+ Account