[…] The bad news that it can cost you a little bit of money of you did not have health insurance in 2014. The good news is that you really do not need to read and understand all the rules and the new IRS forms because […]
[…] The strict deadline is June 30th. No extensions. How serious the government is about penalizing someone the whooping $10,000 for not reporting a measly $15,000 overseas savings account set up for you by your parents? They sure promise to do so […]
[…] 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, […]
[…] The bottom line is that no tax returns will be processed until January 31st. If you print your tax return on paper and put it in the mail – it will be sitting in the IRS intake facility until January 31st. If you go online and submit it via TurboTax or some other software […]
[…] 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 […]
[…] Keep in mind that certain expenses, particularly those related to rehabbing, may not be deductible until the property is rented or sold. In that case, paying the bills in December […]
[…] This question pops up every December: should I pay my property tax bill in December or January? Well, the answer is not that easy. Let’s tackle it one step at a time. 1. Do I really have a choice? […]
[…] In small companies, you get to know the person who does your tax return. This person still may or may not be good, but once you check him or her out, you have some comfort. Also, make sure to [ Read More…]
[…] The IRS offers a loophole. If your parents once upon a time initiated their common law marriage in a state where it was recognized, they would be considered legally married by the IRS, even while living in California. The way it works […]
[…] If you are looking to buy your own home for the first time – it is obviously exciting news. However […}]
