Dealing with tax issues can often be a challenge and feel overwhelming for many people. Choosing to work with a tax resolution specialist is often a great choice if you are dealing with the IRS. These tax relief specialists can guide you throughout the entire process to help you avoid…
We regularly receive emails from taxpayers with questions regarding their IRS tax problems. Since many taxpayers face similar issues, we have decided to share one question and our response on a monthly basis, in the hope it can help others with back tax debt. Question: I haven’t filed my tax…
Do you own investment property or a small business? Sooner or later, you will probably want to sell. One of the downsides of selling a business or investment property is the huge tax bill at the end. Profits are likely subject to the capital gains tax—perhaps at a much higher…
Although the economy has improved, we still receive a steady stream of phone calls from business owners throughout Palm Beach, Broward and Miami-Dade counties needing help resolving payroll tax problems. When facing a cash flow problem the owners of a business must decide which creditors will be paid and who…
If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring. Either situation can come back to bite you. When the worker is your employee,…
Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations….
Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as a deduction for non-itemizers. Charitable contributions can take many forms,…
In 2021 you may have made substantial gifts to your children, grandchildren, or other family members as part of your estate planning. Or maybe you just wanted to help those close to you with some financial support.
You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and if they sell inherited property. When an individual sells property, any gain from the sale of the property is taxable….
Do you own or lease non-residential (think commercial) real property for your business or rent non-residential real property to others? If so, interior improvements you make to the property may be fully deductible in a single year instead of over multiple years. But to be deducted instantly, the improvements must…