Archive | IRS

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Income Tax At Its Birth In 1913

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 […]

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Documents about tax debt on a table.

IRS LIENS; INTERESTING

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 […]

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irs name card

IRS RULE: REQUIRED MANDATORY DISTRIBUTION

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 […]

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TAX LAW GIVES LANDLORDS 20% TAX BREAK

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, […]

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HOW LONG TO KEEP TAX RECORDS AND RETURNS

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 […]

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1040 Tax Form with Refund Check and Cash.

Tax Filers May Get Unpleasant Surprise

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, […]

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Dining And Wining

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, […]

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What Are Your Chances Of An IRS Audit?

You Finished Your Taxes You drove to the Post Office that was open till midnight, and mailed your return. For many years I did drive to the Post Office on Sherman Way in Van Nuys. Then, things changed and I started driving there on October 15th. You know the drill. Now That You Have Sent […]

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Tax Cuts And Jobs Act Versus Lunches

Prior To The New Law My Simple Understanding Of Tax Law Was: Business Lunches With First Tuesday:     50% Deductible Lunches For My Outstanding Staff For My Convenience:   100% Deductible New Regulations Effective January 1, 2018 And For My Tax Return Of March 15, 2019: Business Lunches:   Same Lunches for my staff:    50% and not deductible […]

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IRS And Their Collection Efforts

In A Previous Article I Mentioned That IRS Was Hiring Collection Agencies To Help Them Collect Delinquent Tax Payers. It did not go well. In A Report From The Agency’s Taxpayer Advocacy Service, They Spent $20M In 2016 And 2017 To Collect, Wait For It: $6.7M And There Is A Question About $1M Of That […]

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