[...] for the property that you own (cars, real estate, investments) you should keep everything until 3 years after you sell it. If you bought some stock back in 1995, and you sold it in 2013 – hold on to your 1995 purchase documents until [...]
Deducting Disneyland trip as business travel?
[...] Now the newly enlightened artist had $30,000 of so-called business expenses (including, you guessed it, a Disneyland vacation, err, business trip) and a huge tax refund. This money came handy and was promptly spent. Shortly after, she also had [...]
March 15 – Corporate extensions deadline
[...] The IRS does not let you file these forms via their website. Don’t ask me why. The IRS offers a list of approved 3rd party providers that do allow you to e-File, but there’s a cost. The cheapest ($10) option for the corporate extension [...]
IRS grabbed my bank account – what can I do?
[...] One missed payment will never be a reason to freeze your bank account. Also, before freezing your money, they should have sent you multiple warnings by mail, the last one by certified mail. Did you recently move and not receiving your mail, by chance? [...]
Business start-up expenses – can I deduct them?
[...] With a business like yours, the start date is somewhat subjective. It could be the date when you received your first order. It could be the date when you first advertised your business [...]
Obamacare will tax your rentals – is it true?
[...] I can see 3 scenarios where this tax can affect real estate investors with high overall income. Interest from owner-financed properties, especially with wraps. In a wrap situation, you will not be able to offset the interest you receive from the outside loan [...]
IRS delays 2013 tax filing season
[...] When the politicians were finally done, it was already 2013. Guess what? The IRS now has to change the tax forms and reprogram their computer systems. Imagine preparing for a wedding when the bride [...]
Property sold – when are capital gains taxes due?
[...] If, as a result of your capital gains, your tax return will show a total balance due to the IRS of more than $1,000, you may owe the IRS an “estimated tax” payment which is due January 15th. [...]
Capital gains tax on investment property sold
[...] The long-term capital gains tax on it will be anywhere between zero and $3,000 (15%) and possibly a little higher, depending on your overall income in 2012, including jobs, businesses, investments etc. [...]
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