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Rental Property Tax Challenges

Posted on May 10th, 2017

Owning rental property is just one way small business owners become invested in the real estate industry. With property investment comes additional tax liabilities, causing unforeseen difficulties for many entering this market. At Guardian Accounting Group, we provide new and seasoned real estate investors and rental property owners with the support they need to maintain lowered tax liability and continued financial growth.

We have created this guide to help those new to rental property ownership understand some of the challenges they may face, and how to alleviate those issues.

Tax Challenges of Rental Property Investment

One of the primary issues of rental property ownership is estate investors who are passive in their property. Passive investors are those whose rental property is seen as secondary income and who do not spend 750 or more hours at their property. These individuals are not allowed the same deductions as those whose role is active. Rental property losses involved in passive ownership cannot be claimed.

Depreciation recapture is also a factor and involves any sale of the property that will likely lead to an increase in the reported capital gains. When selling off a depreciable capital property, a sale price exceeding the adjusted cost basis will force you to record the proceeds as taxable income.

Tips on Lowering Tax Liability

At Guardian Accounting Group, we help clients avoid the tax challenges that arise in rental property ownership. As a landlord, committing a certain amount of effort into your property can help you to qualify as an active investor, removing the deduction ceiling that is placed on passive investors. You can also track expenditures for improvements to be sure that you do not exceed the set deduction limit.

When facing depreciation recapture for an asset or a property that you are hoping to sell, be sure to understand its current book value and sell it for less. This will prevent you from having to claim additional taxable income.

Contact {company_name} Today

If you are new to real estate investment and ownership, and are in need of assistance from experienced tax and accounting professionals, contact Guardian Accounting Group today. We provide comprehensive real estate accounting support for clients throughout Tampa and the surrounding communities.

Why You Should Outsource Payroll

Posted on April 24th, 2017

Business owners running small and mid-sized companies with few employees often try to manage their own payroll. At Guardian Accounting Group, our tax and accounting professionals encourage the use of outsourced payroll services to prevent tax truancy at your business, promote the timely dispersal of paychecks, and properly reconcile all necessary accounts.

To schedule your consultation with our Tampa payroll professionals, contact our firm today.

What Can Go Wrong with Running Your Own Payroll?

While new business owners, or those new to having employees, may feel that payroll operations are simple, they are deceptively complex and time consuming. Running your own payroll while attempting to perform regular business operations can lead you to miss necessary filing dates for payroll taxes, or to adjust withholdings improperly.

Missing payroll tax dates can lead to fines and place additional stress on a business’ finances. In addition, if withholdings are not adjusted properly, employees may be forced to pay additional tax at the end of the year.

What Does Outsourced Payroll Mean?

By outsourcing payroll, a business owner allows a tax and accounting professional, such as those at Guardian Accounting Group, to handle all aspects of payroll filing and paycheck distribution. Our professionals ensure that all necessary fees such as Social Security, Medicare, federal, state, and local taxes are accurately adjusted. Payroll is filed in an accurate and timely manner, avoiding any fees or fines that can be incurred by improper filing.

Once withholding and filing services have been completed, paychecks generated and distributed to ensure your employees remain happy.

How Does this Help Business Owners?

These services take the stress out filing and distributing payroll. With the additional time and energy saved by outsourcing their payroll, many business owners are able to focus more on growing their business, and developing new products and services for their customers.

Contact Guardian Accounting Group Today

To find out more about payroll services offered by our Tampa, FL accounting firm, contact Guardian Accounting Group today. We provide payroll, bookkeeping, cash flow management, and other necessary small business accounting services for professionals and small businesses throughout our neighboring communities.

What Is Flow-Through Taxation?

Posted on April 10th, 2017

For many business owners looking to incorporate, the idea of double taxation is threatening. Corporations are seen as their own entities legally, meaning that, in addition to taxing owners, the business itself is subject to taxes.

At Guardian Accounting Group, we understand the difficulties of double taxation and have created this guide to help business owners understand the benefits and limitations of flow-through business structures.

Pass-Through Business Entities

Businesses that are recognized as flow through entities (FTEs) include general partnerships, limited partnerships, limited liability partnerships (LLPs), limited liability corporations (LLCs), and S-corporations. Even sole proprietorships are considered FTEs, as the owner is both the taxable party, and the one responsible for any liabilities the business incurs.

Flow-through entities are not subject to direct taxation. As their name implies, money flows through these businesses and is not recognized as taxable until it has been distributed as income to owners or shareholders.

The Benefits of Non-Taxed Entities

The primary benefit of pass through entities is that they do not experience taxation at the business or corporate level. Under these structures, partners, owners, and shareholders gain a greater amount of the net income accumulated by their investment into the business.

Many of these entities, such as LLPs, LLCs, and S-corporations release participants from personal liability on behalf of the debts a business may incur. These protections can be greatly beneficial for those who are looking to limit their personal liabilities while increasing their overall takeaway. Members of LLCs are also able to deduct the operating losses of their business, lowering their personal tax liabilities.

Drawbacks of Pass-Through Businesses

While greatly beneficial in many aspects, certain FTEs have drawbacks. While they are not directly taxed, LLC members and shareholders in S-corporations are compelled to pay taxes on certain employee benefits, such as health plans, employer contributions to HSAs and FSAs, and life insurance. In this way, some of the money recovered from singular taxation can be offset by personal liabilities.

These structures are often operationally and structurally limited, making them difficult to maintain if a business is expected to experience significant growth, or is looking to release a high volume of shares onto the market.

Start Your Business with Guardian Accounting Group Today

If you are interested in structuring your business as a pass-through, reaching out to a tax and accounting professional is essential. Our team at Guardian Accounting Group provides comprehensive tax, accounting, and new business formation support throughout Tampa and the neighboring communities. Contact us today.


Posted on April 3rd, 2017

We’re excited to announce the official launch of our Guardian Accounting Group blog.

We’ll be posting helpful news from the financial industry, updates from our practice, and more about the latest in keeping your personal and business finances in the best shape possible. We built our practice on the notion that we’re there for our clients when they need us and we want our online presence to be a reflection of that principle.

We hope this blog provides an extra level of service to our current and future guests. If you would like to stay up to date on the latest from Guardian Accounting Group, simply click the RSS “Subscribe to feed” link located on our website and subscribe. Our subscribers will be updated when we make a new blog post.

Here’s to your best financial future ever!

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