Author: wizard

Update IRS Tax Proposal on 100% Depreciation from Mike Grinnan CPA

Posted on By wizard

Proposed Rules Address 100-Percent Depreciation Deduction

Proposed regulations address the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service.


Background
The Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) amended Code Sec. 168(k) to increase the percentage of the additional first year depreciation deduction from 50 percent to 100 percent for property acquired after September 27, 2017. It also expanded the property eligible for the additional first year depreciation to include certain used depreciable property and certain film, television, or live theatrical productions.

Generally, the 100-percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Such assets include in part machinery, equipment, computers, appliances, and furniture.

The proposed regulations provide guidance on what property qualifies for the deduction, and rules for qualified film, television, live theatrical productions and certain plants.

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INVESTOR BOOKS, Tax Updates

So Your Computer Blew Up – You Get a New One and Nothing Works – HELP!

Posted on By wizard

QUESTION From Dale

I recently ran an update to Windows 10
only to find that as a result
none of my software package like Excel Word and your Tenant Tracking program work now.

PC guy had to rebuild my system OS and now
I can’t get in to my company on tenant tracking
because it does not recognize the Administrator Password I had for Quickbooks.

I contacted Intuit to see if they could help my reset the password to get back in but were no help.

They said the Quickbooks PRO 2007 (Dale, this is almost 14 years old!) was outdated and the only thing I could do is update to Quickbooks PRO Desktop 2019.

If I were to do that would your Tenant Tracking software still work and access the data files I have already built and been using up to this point?

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TENANT TRACKING

How to Create Print Monthly Statements

Posted on By wizard

How to Create – Print or Email Statements to Your Tenants or Loan Customers

  1. Make sure Your Printer is SET UP Properly for Statements
  2. CLICK On Create Statements SPEED BUTTON
  3. Select the Proper Date Range
  4. Select WHO will get your STATEMENTS
  5. From the DROP DOWN LIST, Select MONTHLY STATEMENTS
  6. UNCHECK the Box PRINT DUE DATE
  7. ALWAYS Click PRINT PREVIEW Before clicking Print

2 minute video

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HOW TO VIDEOS, TENANT TRACKING, Existing Tenants, Statements

QuickBooks Questions about Previous Transactions

Posted on By wizard

QUESTION from Michael J.

I just got your program in December.

I have 15 units.
– 2 single dwellings,
– 2 duplexes,
– 1 4plex,
– Victorian with 5 units.

I currently use Excel documents to keep track of stuff. tax season is not fun for me or my CPA.

I agree, this will make your tax time a breeze.. the hardest part is your transition and getting all set up properly

Would it make sense for me to input this year’s stuff from January to December.

Realistically how long would it take me to do that?

Would it make year-end enough easier for me and my CPA?

What would you do?

Congratulations Michael

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REGISTERED USERS ONLY, STEP 7 - Entering Old Transactions, YEAR END STUFF TO DO