Audit anxiety is something nearly every taxpayer has in common. But, have you ever considered how IRS audits actually work? The IRS processes … [Read more...] about How IRS Audits Work
individual income taxes
Lottery Tax Planning for a Billion Dollar Drawing
Okay. This is silly. You’re probably not going to win. But just for fun, let’s talk about lottery tax planning for one of those giant Power Ball or … [Read more...] about Lottery Tax Planning for a Billion Dollar Drawing
A Dozen Ways to Deduct Real Estate Losses
Tax law (and especially Section 469 of the Internal Revenue Code) mostly eliminates your ability to save big on taxes using real estate. That said, … [Read more...] about A Dozen Ways to Deduct Real Estate Losses
Surviving IRS Short-Term Rental Audits
Concerned about IRS short-term rental audits? Hey, you're not crazy to worry if you own a vacation rental. Short-term rentals often shelter lots of … [Read more...] about Surviving IRS Short-Term Rental Audits
Inflation Reduction Act: Tax Credits for Homeowners
August 19th update: It has come to my attention that the original Example 3 was not clearly supported by the statute. This has been fixed and I … [Read more...] about Inflation Reduction Act: Tax Credits for Homeowners
Ten Best Roth Alternatives
All the talk about tax law changes, including changes to the Roth rules and then the prospect of higher tax rates for some, seems to be jacking … [Read more...] about Ten Best Roth Alternatives
Why Profit Distributions Usually Don’t Get Taxed
We encounter a common misconception from flow-through business owner clients every year and I want to try and clear the air. That misconception? … [Read more...] about Why Profit Distributions Usually Don’t Get Taxed
Tax Strategy Tuesday: Real Estate Professional Tax Strategy
A few weeks ago, I talked about one way to get big real estate tax deductions onto a tax return, the vacation rental tax strategy. This week, I … [Read more...] about Tax Strategy Tuesday: Real Estate Professional Tax Strategy
Tax Strategy Tuesday: Avoid Real Estate Net Investment Income Tax
Are you a real estate investor? And, just to get the awkward part over, have you been pretty successful with real estate? I thought that might be … [Read more...] about Tax Strategy Tuesday: Avoid Real Estate Net Investment Income Tax
Tax Strategy Tuesday: Move to a No Tax State Strategy
A tax strategy hidden in plain sight this week for our post: Maybe you should move from your high tax state to a no tax or low tax state. For … [Read more...] about Tax Strategy Tuesday: Move to a No Tax State Strategy