The IRS Deductions Blog

Archive for May, 2009

Leasing is a valuable alternative for growing businesses. Equipment leasing gives us:

When you are leasing equipment for your business such as computers, heavy construction equipment, used medical equipment or and farm equipments, you may qualify for benefits that you may not have known existed.

About The Equipment Lease Calculator

As a business lessee, you probably want to know approximately what you can expect to pay for an equipment lease. Here’s an equipment lease calculator that will give you fast answers to your financial questions. Simply enter the cost of the equipment that you are looking to finance and analyze quotes for 12, 24, 36, 48, or 60 months. Determine if a lease fits your priorities, long term goals and financial condition, all with a few clicks of your mouse. It’s easier than ever to determine the amount and length of lease that’s right for you.

The results returned by the leasing calculator are monthly rentals based on conservative equipment leasing rates for assets .Some sub-prime business customers may find that the deposit required is greater than the leasing calculator returned, i.e. 12 months rental instead of 6 is needed. Leasing companies will endeavor to achieve the best monthly rental we can for your asset finance. Lease payments are calculated by subtracting the residual from the net selling price, dividing that amount into payments and then adding the lease charge. The formulas mentioned below are basic and can vary.

Step 1 : Calculate the Depreciation

Depreciation = (Selling Price – Residual) / Number of Months

Step 2: Calculate the Lease Charge

To calculate the lease charge you will need to know the Money Factor (money-factor as the “interest rate” for the lease)

((Net Sales Price – Residual)/ Term) + ((Net Sales Price + Residual) x Money Factor) = Month Lease Payment.

Step 3: Convert the Money Factor to an Interest Rate

This formula produces a high interest-rate it doesn’t necessarily mean that it is a bad lease.

(Money-Factor x 2400)

This “lease calculator” takes no account of the following:-

- The residual value of any asset to be leased.

- Quarterly, Half Yearly or Annual Rentals.

- The amount of deposit you may wish to put down.

You’ll soon find that the whole equipment leasing process is faster, simpler, and often less costly than other financing alternatives. You can rely on the equipment lease calculator to navigate your way through various options. Our calculator allows you to analyze your business transactions, calculate monthly costs, and preserve your resources.

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Free tax help available from the IRS

The Internal Revenue Service offers free help to taxpayers who need answers to their federal tax questions and help with filing a return. Assistance can be found day and night, every day of the week on IRS.gov. Help is also available by telephone and in person.

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Question: after setting up llc for real estate investments?

Hello,
I’m considering setting up an llc to hold my real estate investments (small lots fully paid for) to protect the lots. My question is about what happens after the llc is setup. Specifically,
- Tax liability
- What if I just hold the property and don’t realize any income for a few years.
- How about real estate taxes? Is this deductible every year for tax purposes.
In addition, could anybody point me to any online resources on the subject of handling a real estate investment in an llc.

Thanks!

Answer: I am assuming you are referring to a single member limited liability company where you are the single member.

Tax liability is not changed by holding property in a single member LLC since it is a disregarded entity for federal tax purposes.

Land/lots are generally not going to have any income unless you rent them out.

Real estate taxes would be a deduction if you had income on those lots. There are specific rules regarding deduction of passive income, check with your accountant.

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Finance and Banking

Key Points: The Government has indicated that it will wait for the Cooper review of the superannuation industry expected in June of next year before making a decision on the Parliamentary Joint Committee’s recommendations.

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EASTVILLE — Linda Thomas-Glover, president of Eastern Shore Community College, will be the keynote speaker at the 10th annual Community Unity Day Breakfast at Northampton High School on Jan. 18.

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Question: I paid a 1% loan origination fee, is that deductible as a point on taxes?

I paid a 1% loan origination fee for my townhouse I am getting. I’m told this is deductible for tax purposes, but the only possible problem is that I received a credit of 2% from the real estate agent towards my closing costs. So, it could be said that the credit to the closing costs covered this 1% fee.

Can I still include it as an item in my Itemized Deductions?

Answer: Hello,

Getting a loan from a private loan provider isn’t about religion or nationality; it has to do with the track record, credibility, integrity and most importantly, the trustworthiness of the individual or organization in question. My name is Miss Naomi Giovanni and I am the marketing representative of the Hawkins Financial Solutions which is a private loan provider and we specialize on loans; granting loans ranging from personal loans, auto loans, student loans, mortgage or second mortgage loans, title loans, refinance, home improvement loans, inventor loans, dept consolidation, line of credit, international loans, motorcycle loans etc, with an APR of 0.95% and loan duration of up to ten years. I can provide you with a loan of any amount. If you are interested, contact me on the address below;

Address; 82 VICTORIA STREET VICTORIA LONDON SW1 U.K

E-mail; giovanninoemi058@gmail.com

Tel no; +447024091961

I hope to hear from you ASAP.

Best regards,
Ms Naomi Giovanni.
Hawkins Financial Solutions.

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