Tax Loopholes News

When Millionaires Talk…..

At the end of October 2011, I had the opportunity to be at a meeting with some very successful business owners. Multi-millionaire/billionaires were in attendance and I got to spend some time with them. Here’s a short 11 min video on what I learned they are doing now and where they see ...

Related posts:

  1. Which Way Is Your Business Going?
  2. Form 1099-A, Form 1099-C and IRS Audits of Real Estate Professionals
  3. Important Ruling for Stock Traders

Form 1099-A, Form 1099-C and IRS Audits of Real Estate Professionals

Most of the real estate-related headlines continue to be about the depressed market and foreclosures. In my world, the tax world, there are two tax trends that we’re watching closely.
#1: Lenders continue to send out nonsensical Form 1099-As and Form 1099-Cs, or send none at all, or send them years after the foreclosure. ...

Related posts:

  1. Form 1099-A, Form 1099-C and Tax Issues with Dumping Real Estate
  2. New Rules for Tax Preparers
  3. Deductions? How They Stack Up.

Deductions? How They Stack Up.

The IRS has released their ‘average’ write-offs based on income. There is no hard and fast rule on how much you can deduct before the audit bells go off, but usually you’re safe if you stay at or under the average amount.
Adjusted Gross Income under $15,000: Taxable income is $2,739, Interest Expense ...

Related posts:

  1. How Do Your Deductions Stack Up?
  2. Important Ruling for Stock Traders
  3. Which Way Is Your Business Going?

New Rules for Tax Preparers

The IRS has pushed back its requirement for paid tax preparers to receive special licensing. It was slated to start this year, but if an existing unlicensed tax preparer has a PTIN (special number we get from the IRS), they get a one-year reprieve.

That reprieve is not available for California and Oregon state ...

Related posts:

  1. Which Way Is Your Business Going?
  2. IRS Changing Tax Lien Policy
  3. Important Ruling for Stock Traders

Important Ruling for Stock Traders

There are a lot of special rules for people who buy and sell stocks. If you have a gain, it’s probably a short term or long-term capital gain. Short-term capital gain means it is taxed like ordinary income. Long-term capital gain gets special tax treatment.
If you have a loss, you’re limited to ...

Related posts:

  1. Which Way Is Your Business Going?
  2. IRS Changing Tax Lien Policy
  3. IRS Foul-up Cost Taxpayers