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9 Tax Deductions Every Real Estate Agent Should Know

9 Tax Deductions Every Real Estate Agent Should Know Tax season is coming up soon, and if you’re a real estate agent, you should learn how to maximize your deductions. Many have a variety of expenses, and being able to identify which expenses you can use as deductions is critical to helping you keep more of your hard-earned dollars. This is important knowledge whether or not you already have an enrolled agent on hand. Understanding which expenses are allowed will help [...]

Tax Reform Brings Changes to Fringe Benefits that can Affect an Employer’s Bottom Line

Tax Reform Brings Changes to Fringe Benefits that can Affect an Employer’s Bottom Line The Tax Cuts and Jobs Act impacts several programs. This includes changes to fringe benefits, which can affect an employer’s bottom line and its employees’ deductions. We’ve decided to explain how the changes will affect employers: Entertainment Expenses & Deduction for Meals The new law generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. With this in mind, nightclubs, cocktail lounges, theaters, [...]

Helping Taxpayers Understand Different Filing Statuses

Helping Taxpayers Understand Different Filing Statuses   Getting ready for tax return season, but unsure of how to file? Married? How do you know whether or not to file jointly or separately? Taxpayers don’t typically think about their filing status until they file their taxes. However, your status could change during the year, so it’s always a good time for a taxpayer to learn about the different filing statuses and which one they should use. It’s important a taxpayer uses the right filing status [...]

Salvage Your Sunken Uncollectable Debt

Salvage Your Sunken Uncollectible Debt Victims of reneged payment agreements might have a tax deduction Let’s face it – it’s always frustrating not being paid what is owed to you. The IRS has created a system for you that may help with debts and help you salvage some of what’s owed. If it’s clear that the debt is not going to be paid, then you may be able to recoup some of the lost money as a tax deduction. The IRS [...]

Small Businesses: Tax Tips for the Freelancer

Small Business: Tax Tips for the Freelancer If you are an employee, you most likely pay little attention to your taxes until the end of the year. You get your paycheck, your employer does a lot of the work for you and you receive a W2. However, if you are a freelancer or self-employed, the responsibility of paying your taxes rests solely upon your shoulders. There are 14+ million American taxpayers currently in the IRS collection division, and it’s easier to [...]

IRS Extends Deadlines for Victims of Hurricane Michael

IRS Extends Deadlines for Victims of Hurricane Michael Hurricane Michael victims in parts of Florida and elsewhere now have until Feb. 28 to file certain individual and business returns and make certain tax payments. Individuals who reside or have a business in Bay, Franklin, Gulf, Taylor and Wakulla Counties may qualify for tax relief. Taxpayers in localities added later to the disaster area, including those in other states, will automatically receive the same relief. If you need assistance, contact your enrolled [...]

Do I Have to Pay Estimated Taxes?

Who Must Pay Estimated Taxes Do I have to pay estimated taxes? This is a normal question to ask, but it is important especially if you’ve made any changes in your profession. The Estimated Tax Rules Apply to: U.S. citizens and resident aliens; Residents of Puerto Rico, the U.S. Virgin Islands, Guam, the Commonwealth of the Northern Mariana Islands, and American Samoa; and Nonresident aliens General Rules In most cases, you must pay estimated tax for 2018 if both of the following apply. You expect to [...]

Tax Breaks with an IRA

Tax Breaks with an IRA What is an IRA? Individual Retirement Arrangements – aka IRAs – are accounts into which someone can deposit money to provide financial security when they retire. Why would a taxpayer consider having one? Well, here’s what especially peaks our interest: different IRA’s offer different tax breaks. How Do I Get One? A taxpayer can set up an IRA with a: Bank or other financial institution Life insurance company Mutual fund Stockbroker COMMON TERMS Traditional IRA: A traditional IRA is an individual retirement account that offers advantages to taxpayers. [...]