Basic Tax Prep Case Studies

Case 1: Rental Deductions
Renting a house to a relative for less than fair market rent.

Solution
If you don’t know the rules and rent out your property to friends or relatives at less than fair market value, you can lose the ability to deduct expenses while still having to report all the income. We help you and advise you throughout the year on how to charge appropriate rents and keep sufficient records in order to achieve greatest tax benefit from your rental property.

Case 2: Divorce and Taxes
Divorce has a big impact on taxes and your life. We’re here to help.

Solution
Due to conflict of interest issues most accountants cannot continue representing both parties in a divorce situation.  If you’re seeking a new accountant, make an appointment with us to review your situation. We’ll advise you on the tax consequences of the division of property, alimony, issues for custodial and non-custodial parents and other aspects of splitting of the marital tax/finance situation.