Know Your Rights with IRS and How to Appeal an Audit
Friday, March 16
In part 3 of our series on audit-proofing, we will explore what tax expert, Al Aiello advises investors to do to get over the dreaded FEAR of an audit and to know your rights in case you are ever audited.1. Taxpayers' Rights. As a taxpayer you have rights, which have been expanded under The IRS R...
Don't Fear the IRS!
Friday, March 09
Misconceptions and Audit Proofing Strategies You know that fear. It's the one that makes everyone paranoid around tax filing time. So many people let the FEAR of the IRS cause them to even overpay their taxes. The IRS's biggest weapon is FEAR, but this should not stop you from taking a legally ag...
Are you in Danger of an IRS Audit?
Friday, March 02
Approximately 1.5% of all taxpayers are audited every year. Despite this relatively small number, the IRS still causes many people to shake in their boots when contemplating the chance of an audit. The odds are low that you would be picked for an IRS audit because the IRS does not have enoug...
Avoid These Ten Potential Real Estate Tax Traps
Monday, February 27
Mistake #1: Not understanding real estate passive losses There are limits on the amount of real estate passive loss deductions you can take. You need to meet some minimum hour requirements of activity in the property. And if you are completely passive with the property, such as with a time share,...
Some Tax Changes for 2012
Friday, February 10
Some Tax Changes for 2012Basic Individual Income Tax Changes• The individual and dependent exemption is going up by $100 to $3,800.• The standard deduction (if you don't itemize) goes to $11,900 for married filing joint, $5,950 for married filing separately and singles and $8,700 for heads of hou...
Tax Saving Tips for REI
Friday, February 03
Here are some quick tips to help you prepare for tax time. Many real estate investors make simple mistakes that can cost a fortune. Don't be one of them!• Don't Overtax Rent Income: Rent income is not subject to self-employment (social security) taxes. Too many CPA's classify rent income as self-...