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Richardson TX – Who Qualifies for the Home Office Deduction

by | Jan 30, 2020 | Bob Jablonsky and Associates, bookkeeping, Bookkeeping Tips, Business Tips, CP2000 Notice, Dallas TX, Expense Reduction Tips, Frisco Tx, Garland TX, IRS Audit, IRS Compliance, IRS Debt Relief, IRS Notices, Plano TX, Richardson TX, Small Business Tax Tips, Substitute For Return, Tax, Tax Compliance, Tax Deductions, Tax Problems, Tax Relief, taxes

In some case, entrepreneurs who work from home can write off a portion of their housing and utility expenses.  That’s often a big question for our clients in our Richardson, TX tax office, who use part of their home in their business.  If you qualify, it can...

Plano TX – Are you aware that there are exceptions to Being Taxed on Cancelled Debt? Here’s a List of Them.

by | Jan 27, 2020 | Business Tips, Cancelled Debt and Taxes, CP2000 Notice, Dallas TX, Debt Forgiveness, Expense Reduction Tips, Form 1099C, Form 982, Frisco Tx, Garland TX, IRS Assessed Tax, IRS Notices, IRS Penalties, IRS Problems, Offer-In-Compromise, Plano TX, Real Estate Agents Tax Deductions, Richardson TX, Small Business Tax Tips, Tax, Tax Compliance, Tax Deductions, Tax Problems, Tax Relief

As I wrote a week ago, in general, if you borrow money and you are legally obligated to repay that debt at a future date, and if that debt is forgiven in full or in part, the cancelled debt becomes taxable income to you. I also discussed Amounts that could be excluded...

Plano TX – What does the IRS Consider to be a Real Estate Professional and the Impact on Taxes

by | Nov 14, 2019 | Dallas TX, Expense Reduction Tips, Frisco Tx, Garland TX, IRS Problems, Plano TX, Real Estate Agents Tax Deductions, Real Estate Tax Deductions, Richardson TX, Small Business, Tax, Tax Deductions, Tax Deductions Real Estate, Tax Problems, Tax Resolution, Uncategorized

In this week’s installment in our series of taxation and investing in Real Estate we will discuss who qualifies as a Real Estate Professional in the eyes of the IRS and what does it mean to be a Real Estate Professional.   Generally, if I ask any taxpayer who comes...

Auto Deduction for Real Estate Agents and Other Self Employed Taxpayers

by | Oct 16, 2019 | Expense Reduction Tips, Installment Agreements, IRS Audit, IRS Bank Levy, IRS Collection, IRS Notices, IRS Penalties, IRS Problems, Real Estate Agents, Real Estate Agents Tax Deductions, Real Estate Tax Deductions, Tax, Tax Deductions, Tax Deductions Realtors, Tax Problems, Tax Relief, Uncategorized

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...