Deduct Taxes that you’ve paid for Employees
If you have employees that you pay for your rental activity, you are allowed to deduct the cost of taxes that you have paid on their behalf, assuming that you have been withholding taxes from their wages.
Deductible costs include Social Security taxes, Medicare, and unemployment taxes.
This blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies is brought to you by SimplifyEm Pay Rent Online and Property Management Software
|
Welcome back! What did you think of our Property Management Software?
Are you subscribed to our feed and receiving email updates? |
You might also want to read:
- 2010 Cooperatives Rental Property Tax Tips for Landlords, Real Estate Investors If you live in a cooperative, you do not own your apartment. Instead, a corporation owns the apartments and you are a tenant-stockholder in the cooperative housing corporation. If you rent your apartment to others, you usually can deduct, as a rental expense, all the maintenance fees you pay to the cooperative housing corporation. In addition [...]......
- Second Home Second Home The mortgage interest on a second home which is used as a residence for some portion of the taxable year is generally deductible if the interest satisfies the same requirements for deductibility as interest on a primary residence. Other deductions for second home are: 1. Real estate taxes paid on second home are, generally, deductible. 2. Deductible [...]......
- Real Estate Tax REAL ESTATE TAX Deductible real estate taxes are generally any state, local, or foreign taxes on real property. They must be charged uniformly against all property in the jurisdiction and must be based on the assessed value. Many states and counties also impose local benefit taxes for improvements to property, such as assessments for streets, sidewalks, and [...]......
- 2010 Condo Rental Property Tax Deduction Tips for Landlords, Real Estate Investors A condominium is most often a dwelling unit in a multi-unit building, but can also take other forms, such as a townhouse or garden apartment. If you own a condominium, you also own a share of the common elements, such as land, lobbies, elevators, and service areas. You and the other condominium owners may pay dues [...]......
- 4 Early steps for landlords, property managers to reduce property taxes and keep more money in pocket Many cities and counties have been lowering the property tax assessments due to decline in real estate market. However, the coming year provides still a significant opportunity for landlords, property managers and property management companies to challenge their assessments and reduce their property taxes. If you are planning to challenge your property tax assessments, follow the [...]......
