Do you understand these statements and why? If not, keep reading—three quick articles follow that will clear things up. “If I gift my son more than $17,000 this year, I will owe taxes.” Wrong “It is good tax planning in most cases for a Senior Citizen to gift a long-owned home to avoid probate.” WRONG […]
Archive | IRS
MORE ON GIFT TAX Part 2
Do you understand these statements and why? If not, keep reading—three quick articles follow that will clear things up. “If I gift my son more than $17,000 this year, I will owe taxes.” Wrong “It is good tax planning in most cases for a Senior Citizen to gift a long-owned home to avoid probate.” WRONG […]
Today’s Thought: A Look Back at a Classic Post Gift Tax Part 1
Tax law flat isometric vector concept. People surrounded by the tax and justice attributes are disputing on something. Today I thought that I would revisit one of my favorite posts from the past. This information is still valuable today. Enjoy! And remember, everyone should have real estate license. After two years, you should have your […]
Everybody Should Learn Why 73 Is a Unique Birthday
If you were born in 1952, or know someone who was, you better talk to your tax advisor immediately about the infamous Required Minimum Distribution (RMD) regulations. Beginning the year you turn 73 years of age, you are generally required to start taking withdrawals from your traditional IRA accounts and other similar accounts whether you want […]
IRS Has a Gift for You: Agents, Get This to Your Prospects
Tax Checklist for Newlyweds Summertime is common time for wedding bells to ring, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer’s marital status as of December 31 determines their tax filing options for the entire year, but that’s not all newlyweds need to know. (I’ve underlined several […]
What Interest Rate does the IRS pay you if you Overpay your Taxes?
17531167 – irs card on desck with tax files Read news release IR-2024-47, Feb. 21, 2024 – https://www.irs.gov/newsroom/interest-rates-remain-the-same-for-the-second-quarter-of-2024 WASHINGTON — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning April 1, 2024. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. […]
IRS Tax Tip: What To Consider When Selling A Home
Great Advice From A Great Source IRS has an amazing Tax Tip email service. Real estate people should study them and use them as handouts to your clients. This is information from the source. I would register for their tax tip email and then google IRS TAX TIPS ARCHIVES to check what has been sent […]
2022 Mileage According to IRS
It’s In The Details The standard rate will increase to 58.5 cents per mile, an increase of 2.5 cents. If you use the standard rate, you must reduce the basis of your ride by a depreciation component of $.26 a mile. So keep that detailed log. Business vehicle expenses are an IRS red flag like […]
Special Alert to People Born in the Year 1950
The IRS, Your IRA’s, and You Congratulations, you will be 72 this year. You probably realize that you will be asked to start taking money out of your IRA’s this year. Yes, that IRS regulation that most Senior Citizens hate with a passion. You have to take money out (not Roth IRAs of course) and […]
IRS – Safeguarding Taxpayer Data
IRS Resources The IRS (Internal Revenue Service) has a lot of resource material for so many aspects of business. Take advantage of them. One I recently discovered concerns problems in protecting client’s data and avoiding lawsuits, loss of money and penalties from different agencies. This specific guide is one that I recommend. It is written […]