Jael Faulcon Consulting

Today is supposed to be the hottest day of the year. If you have a mini fridge like me in your home or office, you might want to get a move on to use the sun/warmth to defrost it. Here I go!

An overlooked deduction for rental property deserves a closer look.

Yes, the IRS allows property owners to elect a “partial disposition” deduction. Using this election means when you replace an old roof, you can deduct the undepreciated basis of the old roof rather than continue depreciating it. This change simplifies your financials and provides an immediate tax benefit.

-- For Example --

If you replace an old roof that initially cost $100,000 and has $40,000 of depreciation remaining, you can deduct this $40,000 immediately, rather than depreciating it over the remaining useful life.

You also avoid paying the unrecaptured Section 1250 gain tax on the $60,000 of depreciation you have already taken.

-- Advantages of the Partial Disposition Election --

1. Immediate deduction. With the election, you claim an immediate tax deduction for the undepreciated basis of the old component.

2. Beat the recapture tax. When you eliminate the old component, you avoid the capital gains recapture tax of up to 25 percent (technically known as “unrecaptured Section 1250 gain”) when you sell the property.

If you plan to replace a building component and want my help ensuring the best tax benefit, please contact me at https://www.accountingtaxinsurance.com

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What is the benefit of spending management and optimized cashflow to your bank account?

Discover how strategic cash management isn't just about liquidity Discover how strategic cash management isn't just about liquidity—it's a powerful driver of bottom-line profits. 💼 ...

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If you have not heard already, the IRS opens its hand, umm, I mean its doors on January 29, 2024. Please schedule your preparation early whether you have someone do it for you or you do it yourself. We are taking appointments at our office now. Book online at your convenience. https://sites.google.com/view/jaelfaulconconsulting/calendar

We are now accepting appointments for tax preparation. All tax planning projects need to be completed by 12/29/23 -- especially 401Ks and strategic spending for deduction optimization. Make your appointment through Yelp or at our website.

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Jael Faulcon Consulting - Los Angeles, CA Specialties: At Jael Faulcon Consulting, we specialize in providing business owners with peace of mind through our expertise in optimizing cash flow, meticulous budgeting, astute spending management, and enhancing profitability. Our comprehensive suite of services includes proficient bookkeeping, st...

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Don’t let an unexpected expense ruin your plans: The best way to protect you from unexpected expenses like nursing home stays is through various forms of insurance. Long-term care insurance can provide additional funds to help cover the cost of a nursing home stay, but you cannot wait until you need it to get it. Schedule an appointment to start making your plans.

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Your business has grown from a solo owner and you are considering an LLC or an S-Corp. What is reasonable compensation? How do you calculate it? What happens if you don't take it? Get your free report here:

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Are you trying to report your Like-Kind (Section 1031) exchange in TurboTax? Here's how to do it step-by-step https://sites.google.com/view/1031exchangeswork/turbotaxentry

The most recurring question as the tax deadline comes and goes is reporting Section 1031 Like Kind Exchanges. Here is a great e-book to explain what it is and how to plan for tax deferred investment.

See our site for how to report this transaction in TurboTax.
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If you are in some of the California counties where the extension to file your returns was announced, you still have time to take advantage of making your IRA contributions. Work with your broker and follow these steps if you are using TurboTax to prepare your own return. Book a call if you need help.

How To Report 2022 Backdoor Roth In TurboTax (Updated) Follow these detailed step-by-step instructions with clear explanation and many screenshots when you report your Backdoor Roth in TurboTax.

If your outcomes and work are not making you profitable, attracting more customers, or bringing your mission closer to reality or your dream, talk more often to an accounting specialist in your industry who can translate the next action step to make a difference. If your existing accounting firm is not talking, book a call.

I like this article. It is the 2nd quarter. Tax planning should be underway and if you have not chosen an accounting firm to help you optimize spending to realize tax savings and maximize your retirement contributions, you might want to get started.

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If the results you see from your accounting firm are not bringing growth, increased capacity or making your life easier, changing accounting firms could be the best thing you do all year.

This guide will give you 5 things to consider when thinking about changing your accounting firm.

Want to learn how we could help, visit us online to book a call: https://accountingtaxinsurance.com/

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