Richard K. Caldwell is a Tax Professional and Real Estate Entrepreneur with three decades of commercial real estate, capital markets and finance experience.
His tax practice specializes on Real Estate and Rental Activities, Solo Entrepreneurs, and Retirement Matters.
He furthered his ability to fully service taxpayers by joining H&
Richard K. Caldwell is a Tax Professional and Real Estate Entrepreneur with three decades of commercial real estate, capital markets and finance experience.
His tax practice specializes on Real Estate and Rental Activities, Solo Entrepreneurs, and Retirement Matters.
He furthered his ability to fully service taxpayers by joining H&R Block's Ocean County, New Jersey District Tax Team in November 2024 as a Tax Specialist where he provides tax preparation, federal and state tax filing service and clerical support related to tax return preparation services, and maintains limited representation rights representing clients before the Internal Revenue Service.
Richard k. Caldwell gained his expertise working in the financial markets and in the commercial real estate industry as a Developer and Sponsor of residential real estate and hotel investments.
Richard K. Caldwell received his formal education in real estate and finance from New York University.
As a Tax Professional, Richard K. Caldwell recognizes that every client is unique. That's why he takes the time to understand what type of income is being reported as a sole entrepreneur, real estate investor and as an individual taxpayer focused on retirement income.
You can count on personalized attention to your tax matters as it relat
As a Tax Professional, Richard K. Caldwell recognizes that every client is unique. That's why he takes the time to understand what type of income is being reported as a sole entrepreneur, real estate investor and as an individual taxpayer focused on retirement income.
You can count on personalized attention to your tax matters as it relates to your individual Federal tax Form 1040 whether your focus is retirement income or a business activity you invest in, it’s important to be able to document your level of participation in each activity to accurately support your tax position. The application of these rules and elections are generally dependent on each individual’s specific tax scenario and should be addressed with your tax advisor.
Richard K. Caldwell believes in transparency and honesty in all of his dealings with clients. You can trust in accurate and reliable advice, and to always act in your best interests.
Owning rental real estate can be a great supplemental source of income in addition to a normal day job. However, what is most commonly misunderstood about this type of investment is how an individual can treat the income, losses and depreciation for tax purposes.
Determining your level of involvement is key to the tax treatment of the income/losses that the real estate generates. Real estate, by definition, is a passive investment. Still, depending on your level of participation, you may be able to treat the rental as active or be classified as a “real estate professional” for tax purposes. This allows you to deduct losses the activity generates, or avoid the net investment income tax, if the activity generates income. Certain actions and tests are necessary to be eligible.
In addition, each property can generate a separate Profit and Loss Statement, as a taxpayer, and a Schedule C for each property. Schedule an appointment today to review the participation rules and determine if you are a real estate professional, material participant, or active participant.
Home offices are set up by people who are self-employed and work from a dedicated room in the home and receive a 1099-NEC. Essentials within a home office often include a desk, chair, computer or laptop and internet capability.
The home office deduction, calculated on Form 8829 and require a Schedule C attached to your tax return, is available to both homeowners and renters. There are certain expenses taxpayers can deduct. These may include mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent.
Schedule an in-person, phone or virtual consultation today to schedule an appointment.
Whether pre-retirement or post-retirement tax advice helps you understand how federal income taxes impact your retirement, tax Counseling adds value to the taxpayer when confronting your adjusted gross income when certain deductions are added back. Your MAGI is not just your compensation. It may include interest, dividends, and income from IRA distributions. It also adds back income or benefits you normally could exclude from your income to figure your tax.
Schedule an in-person, phone or virtual consultation today.
