Are Social Security benefits taxable?

GET IN TOUCH GET IN TOUCH If you’ve reached the age where you can receive Social Security benefits, congratulations! That means you’ve worked hard and paid into the system your entire working life. However, many retirees may also wonder whether they must pay income taxes on their Social Security. If these benefits are their only…

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Starting an LLC? Read This First

llc

GET IN TOUCH GET IN TOUCH Why form an LLC? For plenty of entrepreneurs who wish to start their own business, one of the first questions they ask themselves is: What form of business entity is best for their needs? With plenty of options to choose from, and with your decision impacting everything from how…

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What NY/NJ PTET Changes for Taxpayers in 2022?

GET IN TOUCH GET IN TOUCH The recently-implemented Inflation Reduction Act brought about sweeping changes impacting U.S. taxpayers. Yet, one frequently-debated provision of the tax code ended up remaining unchanged, in spite of demands from representatives of high-tax states with Pass-Through Entity Tax (PTET) laws: the SALT cap.  However, although federal legislators who supported a…

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Inherited IRAs: What Beneficiaries Need to Know

GET IN TOUCH GET IN TOUCH Being named the beneficiary of a person’s retirement plan is an honor and demonstrates that the person who passed away was willing to trust you with their life savings. However, if you are receiving this type of inheritance, you should know it also comes with significant responsibilities, choices, and…

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The QBI Deduction: What Real Estate Businesses Need to Know

According to the IRS, qualified business income, or QBI, is “the net amount of qualified items of income, gain, deduction, and loss from any qualified trade or business.”

To explain it more simply: Qualified business income refers broadly to your business’s net profit.

To learn more about the qualified business income (QBI) deduction, and discover what it means for your real estate business or rental property, continue reading.

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