Tax Corner I Blog

QBI for Rental Property: Maximizing Your Deductions Made Simple

The Qualified Business Income (QBI) deduction is a tax benefit for owners of pass-through entities such as sole proprietorships, partnerships, and S corporations. As a rental property owner, you might be wondering if your rental income can qualify for this deduction. Understanding the QBI deduction and its applicability to rental property income is essential to

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EV Tax Credit: How It Works and Its Impact on Electric Vehicles

As you explore the world of electric vehicles (EVs), you may come across the term “EV tax credit.” This federal incentive aims to make it more affordable for taxpayers to switch to environmentally friendly transportation. In the United States, the EV tax credit can significantly lower the cost of purchasing a new electric vehicle, promoting

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DC FR-500: How to Register a Business in Washington DC

Are you starting a new business in Washington, D.C.? The District of Columbia requires businesses to complete registration and licensing processes, including submitting Form FR-500, otherwise known as the Combined Business Tax Registration Application. This document allows businesses to register with the Office of Tax and Revenue (OTR), securing their tax identification numbers and ensuring

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A guide on rental income tax for property investors

Understanding Rental Income Tax: Essential Resource for Property Investors

Have you ever considered purchasing an investment property to rent for income? While it can be a great idea, it is important that you understand rental income tax regulations before diving in, especially since it has a direct impact on your financial performance and investment outcomes as a landlord. In this article, I’ll provide an

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