Behold, Tax Season

4 Advantages Of Working With A Tax Preparer

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Tax-related issues can be too complicated for most people to handle. For this reason, it is vital to hire a tax professional to help you with tax preparation. It may seem cost-effective to do it yourself, but it is not. If you try to do it on your own, you might realize that it is more challenging than you had thought, and it is better to hire a professional tax service provider to avoid making costly mistakes. Read More»

3 Tips for Paying Your Sports Betting Taxes

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In 2018, sports betting became legal in many states. In addition to becoming legal, sports betting is easier than ever thanks to new sports betting apps that allow you to make sports bets in real-time. Not only is this a fun hobby for many, but it can also be quite lucrative in some cases. What some sports betting enthusiasts don’t realize is that you are required to report any income from gambling and pay taxes. Read More»

4 Of The Biggest Mistakes Writers Make On Their Self-Filed Taxes

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Writers who act as sole proprietors can have tax situations that are more complicated than many other professionals. Hiring a tax planner for help is always recommended. Check out a few of the common mistakes writers make on their self-filed taxes.  Mistake: Not taking advantage of business-related losses after an investment.  Did you spend a lot of time and money to create a book and you had no sales? You may be able to claim a business loss on your taxes. Read More»

The Like-Kind Exchange: 3 Ways To Enter New Rental Markets

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Are you a landlord that wants to expand or change your business into new areas? If so, a like-kind exchange could be your ticket to a new market or a new way of operating your rental business. How can a like-kind exchange spur change? Here are three ways to do just that.  1. Exchange Properties for New Types Tax-delayed like-kind exchanges — where you sell one rental property and purchase a replacement one within the allotted time to avoid capital gains taxes — are useful for landlords who want to pursue new opportunities. Read More»

Dealing With The IRS? 5 Signs You Need Representation

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Dealing with the Internal Revenue Service (IRS) can be scary and confusing, and to get through the process, you may want to hire IRS representation. Wondering if you need representation? Here are five signs you should consider calling someone. 1. You Don’t Understand the Tax Issue in Question Typically, IRS issues start with the agency contacting you through the mail. The letter may request more information to back up certain claims on your tax return, or it may alert you that the agency has changed a number on a tax return. Read More»