Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, headlining the annual “Dirty Dozen” list of tax scams for the 2016 filing season, the Internal Revenue Service announced today. The IRS has seen a surge of these phone scams as scam artists threaten police arrest, deportation, license revocation […]
Gambling is an ever-popular pastime, but did you know that gambling can have very serious tax implications? These are crazy and in my opinion are unfair, but they are in the tax law and courts have had their say to uphold them. Theoretically, the full amount of gambling winnings (unless you qualify as a professional
Tips For Real Estate Investors If you are a real estate investor I’m sure you are familiar with a number of tax laws and strategies that real estate investors encounter frequently and not so frequently. Things like: *Tax Rules and Solutions at Purchase and During Ownership of Real Estate *Living With the Passive Loss Regulations
Start-up Expenses Many people don’t think about start-up expenses as potentially deductible. Others think they are deductible just like day to day business operating expenses. Start-up expenses can be thought of as “thinking about getting into business expenses” and your “getting your business started expenses.” A key concept is that you must be ‘open for
November 18, 2014 Year End Tax Planning Update for Individuals From: Robert W. Craig, E.A. Tax Services Dear Client or Subscriber, It’s that time of year where we should think about preparing an estimate of your current year tax liability and see if we can reduce that liability. There are several things to consider when
Tax Tips For Real Estate Agents You, as a real estate broker or agent, have two ways to grow your real net income: 1. Financial Offense 2. Financial Defense Financial offense boost your income. Get more listings, more showings, more closings, sell more expensive properties, add additional services and the like. Financial offense is hard
Travel, Meals and Entertainment Expenses Commuting Expenses. To open this section I want to be sure we understand that, in general, the costs of commuting between a taxpayers home and work location are nondeductible commuting expenses. But under certain circumstances these commuting expenses can be deductible if: 1) The expense is for going between the
According to the Federal Trade Commission (FTC), identity theft is the
number one complaint they receive.
his may not be a surprise to you, but did you know that in 2010, only about
15% of all identity theft complaints to the FTC had to do with tax returns, and
that by 2013, that percentage jumped to over 40%.
Hello All, I’ve put this in my newsletters and website for years, but just got a phone call from a client whose identity was compromised when he opened an email that said it was from the IRS and answered some questions. As I’ve stated before, the IRS does not generally contact taxpayers via email. Never,
Well, they did it. They drug it out to the last minute, but they did it. Weeelll, they did some of it. And I’d really like to thank all of them in Washington for dragging us through this during the holidays and leaving us to sort this all out this morning while at the same