Are you in Danger of an IRS Audit?
Friday, March 02
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 enoug...
Avoid These Ten Potential Real Estate Tax Traps
Monday, February 27
Mistake #1: Not understanding real estate passive losses There are limits on the amount of real estate passive loss deductions you can take. You need to meet some minimum hour requirements of activity in the property. And if you are completely passive with the property, such as with a time share,...
Some Tax Changes for 2012
Friday, February 10
Some Tax Changes for 2012Basic Individual Income Tax Changes• The individual and dependent exemption is going up by $100 to $3,800.• The standard deduction (if you don't itemize) goes to $11,900 for married filing joint, $5,950 for married filing separately and singles and $8,700 for heads of hou...
Tax Saving Tips for REI
Friday, February 03
Here are some quick tips to help you prepare for tax time. Many real estate investors make simple mistakes that can cost a fortune. Don't be one of them!• Don't Overtax Rent Income: Rent income is not subject to self-employment (social security) taxes. Too many CPA's classify rent income as self-...
Solo 401k versus Self-Directed IRA
Friday, January 20
I get many questions about Solo 401k versus Self-Directed IRA. Here are tips to help you decide.Solo 401k versus Self-Directed IRAA Solo 401k is a great retirement plan for self-employed individuals or business owners with no employees or part-time employees only. After extensive research and ta...
Early Start Tax Planning Checklist
Friday, January 06
EARLY START TAX PLANNING CHECKLIST1. If you own a business, do you have an EIN number, operating agreement, and a separate bank account?2. Have you recorded all the income and expenses related to the business on the business bank account? This is a huge audit item for 2012.3. If you own investmen...