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 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»
When it comes time for you to do your taxes, doing it the correct way is important. While some people may attempt to complete tax preparation by themselves, there is a much greater chance that they will make mistakes and eventually need to complete an amended return. If getting it right the first time is something you prefer, meeting with a tax preparer to get help with filing a tax return is the best solution. Read More»
The last entity that you want to owe money to is the IRS. The IRS has the power to put tax liens on your property and even garnish your wages in order to get the money that you owe them. If you find yourself in debt to the IRS, you need to take action right away.
Way #1: File for Bankruptcy
One way to deal with your taxes is by filing for bankruptcy. Read More»
Have you been laid off or furloughed during the Covid-19 pandemic? With millions of Americans being laid off each week, many people are relying on unemployment benefits. While these are a lifeline during an economic or financial crisis, such benefits will also affect your income taxes in the spring. How? Here are the most important ways they will affect you and how to manage them to avoid a tax bill bite. Read More»