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Tracey & Tracey CPAs COVID-19 Updates

As you are aware, in our industry, we are in the heart of the busiest time of year. We sincerely hope that you, your families, and your team members are staying healthy. As we continue to monitor the situation with COVID-19 (coronavirus), we want to provide an update...

Capitalize Carrying Costs with the 266 Election

If you own unimproved vacant land for investment, you may be able to capitalize the costs of loan interest expense, real estate taxes, insurance, HOA fees, and other maintenance expenditures under the IRS Section 266 election. The 266 election is only available for...

Tax Benefits of an IRA Conversion

An IRA conversion refers to shifting all or part of your current Traditional IRA account balance into a Roth IRA. In doing so, taxes are incurred on the transferred funds; however, they grow tax-free into retirement. Tax Free Withdrawals Roth IRA withdrawals are...