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Frisco TX – Why Married Taxpayers Should Consider Filing Separately
Typically, married couples file their Income Taxes using Married Filing Joint status without any thought. For most couples, the combined tax burden of the household will be lower when using Married Filing Joint (MFJ) status vs. using Married Filing Separately (MFS)...
Plano TX – Reporting Real Estate Income on your Tax Return
Last week we covered the general rules around reporting rental Real Estate activities on tax returns. This week we’ll begin to dive into more specific issues related to income tax reporting for Real Estate Investors, by covering the reporting of income on rentals. ...
Frisco TX – Requesting a CDP Hearing vs. An Equivalent Hearing to fight an IRS Levy
If you owe the IRS, one of the most powerful enforcement tools of the IRS is the tax levy Tax Levies include bank levies, wage garnishments, or other asset seizures. When taxpayer’s come into our Richardson, TX tax office and have received a Final Notice of Intent...
Dallas TX – Why Being in Currently Uncollectable Status with IRS Debt Might be the Perfect Time To File an Offer-In-Compromise
There are times when I have taxpayers come into our Richardson, TX tax office, who are experiencing difficult financial times, often through no fault of their own. Perhaps they’ve had a death in the family, lost their jobs for an extended period of time, or have had...
Using Custom Fields in Your Accounting Software
Custom fields in your accounting software are data fields that you can define yourself. They are typically associated with customers, vendors, employees, and items, and they can help you store and categorize additional information about these stakeholders and your...
How Are Real Estate Investments Taxed?
Investing in Real Estate has been a very effective way for Americans to build wealth. With rising real estate prices combined with low interest rates, it has become even more popular. Today, we’ll cover some of the topics that come up when taxpayers who invest in...
Plano TX – What is Currently Not Collectible Status from the IRS?
Big companies are known for getting all sorts of breaks, but when average people fall behind, they rarely receive help. When you owe back taxes, but can’t afford to pay them, then you may qualify for a special tax status known as currently not collectible. If you’re...
Dallas Texas – Do you qualify for the IRS Offer-In-Compromise Program to eliminate your IRS Debt?
The IRS Offer-In-Compromise Program is one of the most popular IRS programs for those that have IRS Debt. If you qualify, you can settle your IRS Debt for less than the full amount owed. Watch our You Tube Video to learn more and to find out if you may qualify. If...
Auto Deduction for Real Estate Agents and Other Self Employed Taxpayers
Among the industries and professionals that my Dallas, TX tax firm works with include both Real Estate Investors and Real Estate agents. As independent contractors, real estate professionals often incur substantial out of pocket costs to run their business and those...
Plano TX – Have You Received an IRS Final Notice of Intent to Levy? Here’s What You Should Do!
If a Taxpayer has IRS Debt and it gets far enough through the collection process, eventually the IRS will send a Final Notice of Intent to Levy. This will be a different form depending on which section of the IRS is sending the notice, but typically, it is sent on a...