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Should I hire a tax attorney?

Hiring a tax attorney is an important decision. An IRS tax attorney can provide many benefits including a comprehensive review of your financial situation. Do you already owe the IRS? Are you trying to minimize your taxes? Need to know how to make your business tax compliant? These are just some of the things that an IRS tax attorney can help with. When you have any tax problem it is important to handle it very carefully. IRS tax matters are serious matters. A slight mistake in the process can cost you a lot of money, time, can get you frustrated and may land you in jail. The tax laws...

Underreporting income tax

Credit and debit cards are nearly as common as cash. Nearly everyone in the USA has at least one in their wallet, including business owners. Customers often swipe a card to pay for their purchases. This seemingly simple act could help attract unwanted attention from the IRS. If your business has low cash sales the IRS may send you a “Notification of Possible Income Underreporting.” The IRS has sent the letter to thousands of small business employers, asking them to review and confirm that they accurately reported their income on last year’s tax returns. So far, some 20,000 employers across the country have received the letter, according to The...

Real Estate Agent Tax Advice

Real estate agent tax advice in 2014 will include a new complicated formula on high end home sales. The Net Investment Income Tax is imposed by section 1411 of the Internal Revenue Code. The NIIT applies at a rate of 3.8% to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts. In general, investment income includes, but is not limited to: interest, dividends, capital gains, rental and royalty income, non-qualified annuities, income from businesses involved in trading of financial instruments or commodities and businesses that are passive activities to the taxpayer (within the meaning of section 469). To calculate your Net...

Tax Deductions for Real Estate Agents

Tax deductions for real estate agents can help you reinvest in your business. Most real estate agents don’t understand all the things they can write off to save them taxes. They often overlook the simplest items that are deductible in the course of their business activities. You do a lot more than just list and sell properties. You advertise for your clients, protect the home while it’s being viewed, show the seller how to give their home more curb appeal, and help buyers find that perfect home to create long-term memories of their family. All this can lead to bigger tax deductions. Even the smallest expense done several times...

Sales Tax Deduction

Sales tax deduction can significantly increase your tax deductions. Even if you haven’t saved all your receipts you may still be able to claim the deduction. Who can take the deduction? If you file a Form 1040, and itemize deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes. You can’t claim both. If you saved your receipts throughout the year, you can add up the total amount of sales taxes you actually paid and claim that amount. Method 1: Actual sales tax expenses Keep all your receipts, and add up the total amount of sales tax...

Obamacare Taxes

Obamacare taxes (from Affordable Care Act) will probably affect your healthcare insurance cost decision.  If you do not have health insurance through your employer you need to get insurance or pay a penalty. Obamacare taxes could mean that you get a federal subsidy for your health insurance.  Plus, if you own a small business you will not be required to provide health insurance.  But, you could get tax credits to reduce the premium costs of any group plan you choose to offer to your employees. Obamacare taxes Individuals – Americans who can afford to must obtain minimum essential health coverage for 2014, get an exemption or pay a per...

Tax credits 2013

A number of federal tax credits exist to help taxpayers retain more of their earnings. Identifying which credits apply to you will reduce your pain as you prepare to file your income tax return. Gather your documents to get the most tax credits 2013. Donate conservation property A conservation easement tax deduction may significantly lower your tax bill. Through year-end conservationists who donate property or easements on their property to conservation organizations like the Nature Conservancy or a local land trust get an enhanced tax break that’s helped modest-income landowners; these enhancements are good through year-end. Section 170(f)(8) of the Internal Revenue Code clearly states that all charitable gifts...