I can do my taxes cheaper elsewhere!
[…] Here is a screenshot of my email exchange with a new client who switched to us for 2014 tax returns. Obviously, this is a big-time investor with multiple REI companies. My comments are […]
IRS audit
April 15 is here, and I am not ready!
[…] I just outlined 7 different deadlines, and each of them has its own rules when it comes to extensions. Paying 2014 taxes – you cannot get this deadline extended! From April 16, you start accruing penalties and interest, extension or not. However, […]
7 reasons to file a separate tax return for an LLC
[…] Unless your numbers are out of the ordinary in some way, the odds of being audited are pretty low. Reducing an already low risk to an even lower risk would be a good idea – if it did not involve more work and more cost […]
10 habits you wish you started from the beginning
[…] Carefully examine what you were charged on the front end, what you were charged at payoff, and what you paid in between. I can’t tell you how many clients reported that the lender said ‘oops’ once confronted with the client’s own calculation. […]
IRS online transcript system is up and running!
[…] One big problem: this transcript is not available until late summer, simply because it has to wait until all these forms get reported to the IRS. Accordingly, if you want to use this transcript for tax preparation, […]
Five simple ways to save money with better real estate bookkeeping
[…] Occasionally (hopefully), your business account will be short. A common mistake is to then pay out of personal account. Don’t! Instead, make it two steps: transfer money from personal account […]
Not all tax professionals are!
[…] Depends on who you hire, as you will see from the recent IRS announcements. The list includes both one-person businesses and large franchise operations. Also, this Hall of Shame includes a tax attorney, a CPA, and even an EA. […]
How long should I keep receipts for the IRS?
[…] 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 […]
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 […]