By ignoring generous IRS guidelines when establishing depreciation schedules, over 90% of real estate investors are unintentionally overpaying federal income taxes. In addition they are paying federal income taxes earlier than necessary, typically years or decades earlier than necessary. Although these IRS guidelines are relatively new, they provide substantial benefits. Since this is a relatively new issue, many accountants have…
Tag: Taxes
Plastic Power To Pay Taxes
Every last one of us dreads the arrival of the tax man. However, taxes have to be paid whether we like it or not. Taxes are our obligation to the country and there should be no evasion of this expense. Small businesses are especially affected when the tax authorities come calling. First of all, they may not have hands-on accounting…
Your Well Being And Taxes
Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent themselves. They hire sub-par representation and now are in MORE need of help than ever before. These are the kind of services a Tax Attorney can provide:…
Will The Estate Tax Ever Go Away
The “Estate Tax” is the tax that the government puts on the assets that are transferred to your beneficiaries when you die. Taxable assets can include real estate, stocks, money in a bank account, and other valuable belongings. It does not look like the estate tax will permanently go away. However, with careful planning, you can reduce taxes substantially. Americans…
10 Ways To Cut Your Property Taxes
Property taxes are decided collectively by school boards, town boards, legislators, and councils. The tax rate is set by collating the amount of funds an area needs. This is then divided that by the “total taxable” assessed value of the area. The tax an individual pays is computed by multiplying the tax rate by the assessed value of your property…
Your Tip Earnings And Taxes
If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them. Your Tip Earnings and Taxes The internal revenue service takes a very simple approach to tips. It views all tips you make in your job as taxable income that must be reported and for which taxes…
Death And Taxes
“In this world nothing can be said to be certain, except death and taxes” Benjamin Franklin I, like many other good citizens from this great country of ours, left it to the very last moment to mail off this year’s tax return. As I entered the local post office and saw the long line, I once again promised myself that…
I Used Money From My Home Equity Loan To Pay Off Some Of My Personal Debts Can I Deduct Interest
In some instances, it is possible for individuals to deduct the interest of such home equity loans on their state and federal taxes, which are, or at least should be, filed annually the Internal Revenue Service. Despite the fact that the money can be used for reasons other than to buy, build or improve an individual’s place of residency or…
Tax Tips For It Consultants And Contractors
I live and work, quite literally, down the road from the main Microsoft campus. No surprise, then, that I’m commonly asked by freelance consultants for free advice about how these self-employed independent contractors can minimize their income taxes. If I can, I try to weasel my way out of the discussion, offering up such basic tidbits as, “Well, be sure…
Tips For Preparing Your Taxes From The Internet
When it comes to preparing our taxes, many of us could use some help. The following websites offer guidance and information that may assist you in learning about how to get the most out of filing your returns. Fairmark.com www.fairmark.com Recommended by Forbes.com, Fairmark.com sia tax site dedicated to helping investors file their taxes correctly, offering a Tax Help Center…