With tax laws constantly changing it can be a good idea to use a CPA to prepare your taxes. There are other companies that offer the service, but they often aren't cheaper and nor do they offer a personalized service. In the end what you are paying an accountant for is protection. Most families and most small business's can benefit.A CPA is a certified public accountant. They can prepare taxes, handle audits, and even save your records...more
Using Cost Segregation Studies To Tax Advantage The Noted English economist John Maynard Keynes once stated that "[t]he avoidance of taxes is the only intellectual pursuit that carries any reward." While the absolute truth of that statement may be debatable, legally avoiding the payment of taxes is a national pastime that rivals baseball.A cost segregation study is perhaps the newest service in the real estate investor's tax...more
Past year taxes can be intimidating, but dont despair! Taking care of them is a lot easier than it seems. Plus, at the end of the process, you could even have a nice fat refund waiting for you. Unfortunately you cant e-file past year tax returns. You can only e-file current year taxes, and even then the IRSs e-file system shuts down every year on October 15. This is the date that all returns that requested an extension are due. After this date, all returns (except for some with very exceptional circumstances) are officially late.Even though you cant file past year taxes online, you can still prepare your return online using a tax program specifically designed for prior year taxes. Then you can print out the completed return and mail it to the IRS. Using an online program is much easier and more accurate than doing it yourself and much cheaper than visiting a tax agent. While not as convenient as e-filing, it is still the best option available. To really get your refund money as quickly as possible you should avoid having to file prior year taxes at all by e-filing your return before the April deadline.Even though your taxes may be late, dont count out the possibility that you could...more
Your Well Being And Taxes Few things abuse your abundance like the aggravation and all-overs of assiduous tax problems. A lot of humans accomplish 3 mistakes that get them in agitation with the IRS. They procrastinate. They attack to represent themselves. They appoint sub-par representation and now are in MORE charge of advice than...more
Your Tip Earnings and Taxes If you plan in a account area you get tips, assumption what? The IRS expects you to address them and pay taxes on them.Your Tip Earnings and TaxesThe centralized acquirement account takes a actual simple access to tips. It angle all tips you accomplish in your job as taxable assets that accept to be appear...more
Short Sale vs. Foreclosure: Taxes and Deficiencies If you thought the IRS couldn't possibly make losing your home even worse, think again. They'll likely be there with their hands out expecting a cut if you short sell your home or even if you're foreclosed upon, in some cases. It may not be fair but the only way you can avoid it is to get short sale help from a professional who knows how to make sure that you get the best deal possible. Make sure you talk to an accountant, as well. Possibly the only thing worse than taxes are surprise taxes!When you go through the mortgage foreclosure process, a great deal will be riding on whether or not you have more than one loan against your home. If you have one mortgage and it was only for the money actually used to pay for the home, you'll likely walk away from the debt once the home sells. If you go through a short sale, you'll most likely walk away with far less damage to your credit because of having worked with the bank proactively. This is the first and most important difference between the two options.If you have home equity lines of credit or other liens against your home, those creditors can go...more
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Quite often, people are confused regarding the role of their accountant, given that tax preparation software has become very advanced and common. To get the biggest benefit for that fees you pay, you need to know very well what your accountant can...more
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Are you a property owner? Then you need to educate yourself on the details of taxes levied on property by the government. Read on to know how you are taxed on rental income and also income made from the sale of a house.Rental income refers to regular...more
Author: Scottie PrattAre you in need of some Tax Help? While it is important to pay your taxes, do remember that it is equally important that you file your return to avoid any problems with the IRS. But unfortunately, many fail to appreciate the...more
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