Are You Correctly Claiming Your Rental Loss?
In Warren v. Commissioner of Internal Revenue Service, T.C. Summary 2024-20, the Tax Court held that a taxpayer who purchased and renovated a single family home to open an assisted living facility (i.e., group home) while also employed full-time by Lockheed...
How the IRS Audit Tax Returns?
The Internal Revenue Service (IRS), in some cases, audits tax returns to ensure that taxpayers correctly pay their tax due. Knowing what the IRS looks for during an audit and getting prepared in case of an audit save taxpayers time and money. A tax audit can go on for...
Why Tax Representation Matters?
IRS tax problems could be extremely complicated. Many taxpayers attempt to resolve the problem themselves. Some taxpayers just live with the problem for months and sometimes years, assuming that nothing can be done about it or the debt will just disappear. IRS...
Do You Know Your Business Entity?
Your decision to start a business should start with tax planning. You need to meet with a tax professional to discuss your decision to start a business, to purchase a business, or to purchase a franchise. This should be the most important step. As a potential business...
Should We File Married Filing Separately?
Many married couples frequently ask the question: Should we file our tax jointly or separately? The answer: It depends. Taxpayers financial circumstances could be very different. There are many factors to consider to determine the filing status that could be more...
Getting Ready to File Your Tax Return
Taxpayers should ensure that they have and produce all their required tax documents when filing their tax return. Taxpayers should have an open discussion with their tax preparers before filing their tax return to ensure that all relevant documents are produced to...
Do You Know What is New for 2024 Tax Return?
Identity Protection PIN The Internal Revenue Service announced that the service is making it easier for taxpayers to protect their information and avoid refund delays by accepting certain e-filed tax returns that claim dependents who have already been claimed on...
Could Your Real Estate Professional Status Free Up Old Passive Losses?
Deducting your rental property tax losses against your other income is tricky, as you likely know. You have to get the tax law to treat you - let us say a computer engineer, a nurse - as a tax-code defined real estate professional. Assuming that the code treats you as...
Do You Know Why Tax Representation is Very Important?
IRS tax problems could be extremely complicated. Many taxpayers often do not know where to turn for help or how to attempt to resolve the problem themselves. IRS tax debt affects many aspects of our life. Some taxpayers just live with the problem for months and...