The Rigsby Law Group, PLC - Untitled 7

Deduction for Investment Interest

Taxpayers often borrow money in order to buy property held for investment. The deductibility of this interest is not permitted if the property yields tax-exempt income. Even if the income from the investment is taxable, the amount of any interest...

SIMPLE IRA Plans

In order to reduce the costs of administering an individual retirement arrangement (IRA), Congress created the SIMPLE IRA plan, a Savings Incentive Match Plan for Employees of Small Employers. The establishment of a SIMPLE IRA allows employees to...

Liability of Members of Limited Liability Company for Employment Taxes

Limited liability companies (LLCs), like all other employers, are required to withhold and pay over employment taxes to the federal government. States that authorize the creation of limited liability companies (LLCs) generally provide that the...

Rental Income and Expenses

Rental Income

A taxpayer who rents out property is required to report rental income to the extent of the cash or the fair market value of any property received. Most individuals report their operations to the...

SIMPLE 401k Retirement Plans

A section 401(k) plan is a type of deferred compensation plan that permits an employee to have his employer set aside a portion of his or her wages in the plan on a pre-tax basis. Upon making an election to participate in a 401(k) plan, the...