With 2019 rapidly coming to a close, it'll be tax season soon enough. You know what that means? Now is the time to maximize your deductions to have a smaller tax bill! There are many things you can do at the end of the year to reduce your tax bill, but one of the most effective is...
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,...
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,...
A client came to us when he found out he was being audited by the IRS. He received the dreaded IRS notice in the mail, demanding he bring his books and records for the tax year in question down to the Federal building in Columbus. Turns out he claimed over 50,000 miles in mileage deductions for...
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