How to Build Your Own Power Team
Friday, May 04
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 j...
Stupid Mistakes that Cause an IRS Audit
Monday, April 16
Your business return is a report to the IRS and to your State Department of Revenue. It says a lot about your business and about you. But it also says one really important thing of which you might not be aware. Your business return says whether you should be audited or not.Here's a brief outline ...
IRS Audit Prevention Tips
Thursday, April 05
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 23
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 ...
Know Your Rights with IRS and How to Appeal an Audit
Friday, March 16
In part 3 of our series on audit-proofing, we will explore what tax expert, Al Aiello advises investors to do to get over the dreaded FEAR of an audit and to know your rights in case you are ever audited.1. Taxpayers' Rights. As a taxpayer you have rights, which have been expanded under The IRS R...
Don't Fear the IRS!
Friday, March 09
Misconceptions and Audit Proofing Strategies You know that fear. It's the one that makes everyone paranoid around tax filing time. So many people let the FEAR of the IRS cause them to even overpay their taxes. The IRS's biggest weapon is FEAR, but this should not stop you from taking a legally ag...