Tax Tip Service 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 out in previous […]
It is believed that citizens have come to realize this and fudge their returns. You think?. There is a proposal to give IRS an extra $80B this year and recoup over $700B dollars from wayward citizens. A 900% return on the investment. Sounds good to me. With all the new changes there is so little […]
Tax-Related Provisions in the Coronavirus Aid This was prepared by my tax professionals at Norwalk Business Service. Great information and great links. For more information visit Tax-Related Provisions in the Coronavirus Aid
History of IRS Form 1040 A reader of my emails, Jonathan Hubbell, was generous enough to send me a most interesting form. He is a Broker Associate at First Team Real Estate in Mission Viejo. The form was the very first IRS Form 1040. He properly corrected a statement that I had made that Income […]
Trustee Sale Foreclosures In my recent MLO classes I asked some questions about Trustee Sale Foreclosures. Even with experienced real estate agents and mortgage loan originators, there is confusion on some items. One is: “What happens when there is an IRS lien on a property and there is a Trustee Sale?” The IRS lien will […]
This ridiculous regulation applies to people over the age of 70.5. You might be that age, know someone that age like a parent, or you hopefully will be that age some day. Does not hurt to plan ahead because this is a terrible tax rule. After You Reach The Age Of 70.5, If You Have […]
Jeff Lazerson: Columnist at Orange County Register and other Southern California News Group; Owner Mortgage Grader, Aliso Viejo; MLO Student You can deduct 20 percent of your real estate rental profits right off the top before calculating your taxes. Starting with your 2018 federal tax return filing, and so long as you meet certain criteria, […]
Personal Finance Kiplinger’s Personal Finance Adviser has some recommendations in their January issue. I have been a believer in them since the 60’s. You have to believe in someone or something. Tax return information: three years. I happen to believe that you keep the actual return for your lifetime. Get to go back and amuse […]
Tax Bill Changes Due to all the changes in the tax bills some taxpayers may find that their refund is not as much as they have received in the past. According to IRS the refund averaged about $2,800 of the majority of taxpayers. Some of our taxpayers might have gotten more income during the year, […]
There Have Been Many Discussions About entertainment and meals deductions under the Tax Cuts and Jobs Act. The answer is different for each. A reference that you might check is IRS Notice 2018-76. Put that in your browser and you have your answers. My understanding is that deductions for entertainment, amusement, or recreation are kaput, […]
