What is an IRS levy? Two dangerous words are thrown around when talking about the IRS: audit and levy. We've already talked about audits before, which you can read about through this link, but a levy is a bit different. An IRS levy is much more extreme. When you receive a levy, then that means your tax issues...
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...
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