Understanding the Basics of Texas Franchise Tax: A Guide for Business Owners If you do business in Texas, you may have to file for and pay Texas franchise tax.
If you are a rental house owner, you may be able to deduct up to $25,000 of losses from your rental real estate activity from your nonpassive income. It is an exception to the general rule that disallows losses from passive activities and could be a tremendous tax-saving opportunity. Let's examine how this special allowance works and how you might benefit from it.
If you're a golf enthusiast, you've likely heard of the Masters golf tournament, which takes place annually in Augusta, Georgia. During the tournament, many residents of Augusta rent out their homes to visitors as a way to earn extra income. But did you know that the IRS has specific rules about renting out your home?