IRS Audit Prevention Tips
Friday, March 14
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...
Critical Review Areas that IRS Target for Audits
Friday, February 14
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 ...
Ten Reasons NOT To Use Corporations for Real Estate Ownership
Friday, January 31
Why use an LLC partnership instead of a Corporation? LLC-partnerships avoid the following corporate disadvantages by default (automatically); by election; or by planning. When referring to a partnership the term “partner” includes a member of an LLC or more specifically of an LLC-Partnersh...
How to Build your Power Team
Friday, January 10
Successful real estate investors and business owners have one thing in common: they always have a team of experts at their disposal. Creating a 'power team' is vital to your wealth building strategy, and you will certainly be lost without experts to advise and guide you on your entrepreneurial ...
Last Minute Year End Tax Strategies
Friday, November 29
With 2014 quickly approaching, it's time to make some strategic moves to lower your 2013 tax bill. Strategy: Prepay Deductible Expenditures If you itemize deductions, accelerating some deductible expenditures into this year to produce higher 2013 write-offs makes sense if you expect to be in...
YEAR END 2013 CHANGES & OPPORTUNITIES Obama Care & ATRA
Friday, November 22
Year end 2013 brings many new planning opportunities along with the traditional year end tax planning strategies. There are also new challenges for both individuals and businesses including important changes made by the American Taxpayer Relief Act of 2012 (ATRA) and the provisions in the Affor...