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A taxpayer can overcome the presumption that all rental activities are passive if the taxpayer qualifies as a real estate professional by satisfying the two quantitative tests of Sec. 469(c)(7)(B):
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There's a reason so many people find the idea of filing taxes stressful. Not only does it require you to sort through documentation, but it also opens the door to having your return audited.
But should tax audit fears keep you awake at night? Here's why you shouldn't sweat it.
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For the first time in 20 years, the Internal Revenue Service has updated its actuarial tables that dictate how much a person is required to withdraw from his or her retirement accounts starting at age 72. The new tables, which now project longer lifespans, are used to calculate RMDs from individual retirement accounts, 401(k)s and other retirement savings vehicles each year. For help with planning out RMDs and meeting your retirement income needs, consider working with a financial advisor.
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More than half of U.S. households paid no federal income taxes in 2021, a temporary spike attributed to massive COVID-19 relief spending in the form of tax credits and stimulus payments.
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In a report to the California Legislature, the State Auditor’s Office said that regulators had approved "[seriously] deficient" plans, including from the Pacific Gas and Electric (PG&E).
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On the road to transitioning to net-zero carbon emissions by 2045, California set a new record earlier this month when its power grid briefly ran on 97% renewable energy.
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American rooftop solar power is growing at a stunning rate, a new study finds, with solar capacity increasing 19% in 2021.
The United States now has 121.4 gigawatts of solar photovoltaic capacity, enough to power 23 million homes, up from just 0.34 gigawatts in 2008, according to the Department of Energy.
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It’s not just homeowners that can take advantage of the benefits of solar: commercial and industrial businesses can also participate in the clean energy revolution by installing solar–and storage!–on their properties.
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Depreciation on solar panels is one of the easiest ways businesses and farms looking to go solar can keep installation costs down, ROIs high, and paybacks short. The Tax Cut and Jobs Act of 2017 brought with it the option of 100% bonus depreciation on solar systems - which is often a great way for businesses to quickly recover costs associated with integrating solar energy.
