If you're reading this, you've probably heard about a form called a Schedule C. Perhaps you're a realtor or a freelancer and you've seen it brought up in forums or tax websites. That said, you keep asking yourself: "What is a Schedule C?" In short, a Schedule C is a portion of a form 1040. That said,...
If you're like most people, you dread getting an audit letter from the IRS. It means that your hard-earned money is on the line, and there's nothing to stop the government from taking it. However, you can avoid getting that nasty letter by being aware of these 5 IRS audit triggers. 1- Unfiled Tax Returns One of...
If you're a real estate agent, you probably drive your car a lot for work. You're probably wondering if there are car tax deductions for real estate agents like you. The short answer: yes. It’s a simple process of changing your personal vehicle to your “business vehicle” on your tax return. At that point, the car is worth...
A real estate agent client of ours had $135,000 on her Schedule C for a single year. Her income tax was $25,199, and her self-employment tax was an additional $19,075. In total, her tax payment for that year was a whopping $44,274! If you're not careful, your 2019 taxes could look the same way! That was...
Do your buyers or sellers have bad credit because of tax problems? Do you have deals that cannot close because the buyer or seller has unfiled Income Tax Returns or are stuck with IRS or State Tax Liens? You’ve probably found many of these at the last minute, if you are a Realtor, Title Agent, Mortgage Broker,...
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