There are several more taxes that small businesses must adhere to each year. This lesson explains these other taxes including: Real Estate Taxes, Business Property Tax, State Franchise Tax, State Licenses or Fees, Unique Production or Consumption Taxes, and Assessments.
Real Estate Rental
Real estate rental is a term used to describe residential or commercial rental of real property to a tenant. It is most commonly used as a tax term and is associated with Schedule E of the taxpayer’s personal return.
I love the game of Monopoly. My sons enjoy playing it too. But we all have the same complaint about the game; it takes forever to accumulate all the wealth and ultimately win the game. Being a landlord means the same thing. It will take a long time to accumulate wealth. For those of you considering becoming a landlord, there are certain business dynamics and economics you should understand.
In the apartment complex industry I have had the privilege of reviewing four different presentation formats prepared by different Certified Public Accounting Firms. Interestingly enough, they were all distinctly different. But one stood out! It made much more sense than the others. One of the other three had an interesting subsection and so I combined the best attributes of both.