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Nicholas Aiola, CPA - Are You Missing These Tax Payments? - Ben Franklin Eye
  Do you have income that is not subject to federal and/or state income tax withholding? If so, you may be required to make quarterly estimated tax payments.   Why?   Because taxes must be paid on income as it’s earned.   For example, a W-2 employee receives a paycheck at […]

Are You Missing These Tax Payments?


Nicholas Aiola, CPA - Make Your Kids Tax-Free Millionaires - Kid with Cape
  Yep, you read that right. Tax. Free. Millionaires.   And that’s not even the only good news… You can lower your taxes in the process AND educate your kids. Talk about a slam dunk!   Let’s take a look at how this is possible and what steps to take […]

Make Your Kids Tax-Free Millionaires


Nicholas Aiola, CPA - Tax Implications of Seller Financing
  If you’ve never heard of seller financing — AKA owner financing — in relation to real estate, the good news is it’s an easy concept to understand. The better news is that it could be a tax-advantaged strategy when selling your home.   What Is Seller Financing? Seller financing […]

Tax Implications of Seller Financing





Nicholas Aiola, CPA - Expensing vs. Capitalizing Repair Costs -Tools on Table
I think it’s safe to say the debate on whether to capitalize or expense repair costs applies to every landlord.   Show of hands…   Who has never done a single repair on any property…ever.   Anyone?     I didn’t think so.   The issue is determining whether the […]

Expensing vs. Capitalizing Repair Costs


Nicholas Aiola, CPA - Are You a Real Estate Professional? - Jumping Architect
I played baseball my entire childhood, all the way through high school. I enjoyed it and was fairly good at it, but I didn’t devote most of my time to it. Spoiler alert – I did not make it to the MLB as a professional baseball player.     While […]

Are You a Real Estate Professional?



Nicholas Aiola, CPA - Can You Deduct Your Rental Losses - Home
Normally, it’s not good news when you hear the word “losses” in connection with your business. Rental losses, however, can be a good thing.   Keep in mind – we’re talking about rental tax losses, not rental cash flow losses. It is possible to generate positive cash flow from your […]

Can You Deduct Your Rental Losses?



Nicholas Aiola, CPA - Where's My Refund? - Woman Searching
    It’s been two weeks since the tax filing deadline and you still haven’t gotten your refund. Not ideal.   There are a number of reasons refunds get delayed – more information is needed, your returns were not e-filed (paper-filed returns take longer to process than e-filed returns), the […]

Where’s My Refund?




Nicholas Aiola, CPA - New York is Ready for War Against the IRS Over the SALT Deduction - Knights
  New York is gearing up for battle against the IRS – the State budget, which passed on Saturday, includes two loopholes that affect the federal state and local tax (SALT) deduction.   Before 2018, taxpayers enjoyed no cap on the SALT deduction, which includes state and local withholdings and […]

New York is Ready for War Against the IRS Over ...



Nicholas Aiola, CPA - How to Avoid Taxes When Selling Your Home - Brick House
How would you like to pay no (or less) tax on the sale of your home, even if it appreciated in value?   Whether you’re making a move for work, starting a family and needing to upsize, empty nesters looking to downsize, looking for a change in scenery, etc., you […]

How to Avoid Taxes When Selling Your Home




Nicholas Aiola, CPA - Depreciation Recapture: The Dark Side of Depreciation - Depreciation Recapture
So now that you know the ins and outs of depreciation and how great it can be for landlords, let’s take a closer look at the downside: depreciation recapture.   Disclaimer: For the purposes of this article, we are only going to discuss depreciation recapture in relation to residential real […]

Depreciation Recapture: The Dark Side of Depreciation


Nicholas Aiola, CPA - Why Depreciation Is a Landlord's Best Friend - House & Coins 2
Raise your hand if you’ve heard of depreciation before ‍✋   Now, raise your hand if you can define what depreciation (in relation to accounting) is…     Allow me to help – depreciation is the allocation of the cost of an asset over its useful life. It represents the […]

Why Depreciation Is a Landlord’s Best Friend


Nicholas Aiola, CPA - 2018 Tax Cheat Sheet - Happy New Year (2018)
  Thanks to the new tax law, 2018 brings more changes than just the typical adjustments for inflation. Let’s take a look…   Tax Rates Single: Taxable Income Tax Rate $0 to $9,525 10% $9,526 to $38,700 $952.50 plus 12% of the amount over $9,525 $38,701 to $82,500 $4,453.50 plus […]

2018 Tax Cheat Sheet