Automatic Pre-Audit Preparation
Friday, April 21
Everyone should do their upmost to prevent an audit on their taxes, but you should always be prepared for an audit. The best way to increase your chances of coming out of audit unscathed is to keep excellent records. The IRS will not take your word as proof of anything, so it pays to have as much...
IRS Audit Prevention Tips
Friday, April 07
There are many ways to reduce your chances of being audited by the IRS. As we've discussed in previous articles, the IRS has red flags for certain industries and tax filing behavior. Unfortunately, real estate investors and business owners stand a far greater chance of being audited than their sa...
IRS Court Cases Featuring Real Estate Investors
Friday, March 31
Here are some IRS court cases featuring real estate investors that show how important tax documentation and preparation is to protect you from huge penalties.Real estate activities are considered passive by default. Passive losses, of course, may generally only offset passive income. Unless, that...
Critical Review Areas that IRS Target for Audits
Friday, March 10
Approximately 1.5% of all taxpayers are audited every year. Despite this relatively small number, the IRS still causes many people to shake in their boots when contemplating the chance of an audit. The odds are low that you would be picked for an IRS audit because the IRS does not have enough per...
Top 10 Tax Updates for 2017
Friday, March 03
Top 10 2017 Tax UpdatesA lot has happened this year in the real estate market and the general economy. It impacts the portfolio of many Real Estate Investors - The value of our assets, how we want to invest in coming years, and even our retirement planning.. It also impacts 2016 tax issues that w...
Keep More of Your Money This Tax Season
Friday, February 24
The Difference Between Tax Preparation and Tax PlanningTax preparation for the March 15th or April 15th return is not considered advance tax planning. It is merely tax compliance as opposed to voluntary tax reduction planning. Though returns aren't due until April, they cover a tax year that ends...