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How Long Does the IRS Have to Go After You?

How Long Does the IRS Have to Go After You?

IRS Statute of Limitations Vary If you’re hiding on significant assets that aren’t reported to the government, or are hiding a nice amount of income from the feds, you might be up at night wondering how long you have to play hide and seek with your income and the IRS. It’s a sure thing that…

Prevent a Balance Due

Prevent a Balance Due

Important Deadlines and Ways to Minimize/Prevent a Balance Due FIRST, MEET THE DEADLINES For 1040 Income Tax Returns: 1040 Filing Deadline- Generally April 15 of the following year (exact date depends on the calendar year). Estimated Tax Payments: Estimated tax payments allow you to estimate how much you may owe and pay it off throughout…

Stocks and Bonds: How to make the best choices

Stocks and Bonds: How to make the best choices

Stocks and Bonds, combined together, could be one of the most important yet confusing decisions facing you as an investor. First, it is important to get a basic understanding of stocks and bonds. Stocks ideally provide long-term growth potential and the role of bonds is to provide an income stream. Buying part ownership in a…

Am I Really a Real Estate Pro?

Am I Really a Real Estate Pro?

The IRS may not think so! Who truly qualifies as a Real Estate Professional under the Internal Revenue Code? The answers may surprise you. It goes beyond simply having a real estate license, or buying and selling property. Rental Property activities are normally considered passive unless you materially participated AND qualified as a Real Estate…

Self-Employed (1099) Taxes

Self-Employed (1099) Taxes

What does “Self-Employed” mean? The answer seems obvious, right? Remember: there are no stupid questions; when it comes to the IRS, things are rarely intuitive. If you’re running your own unincorporated business, the IRS considers you a sole-proprietor regardless of any other filing status, and you’ll have to file a Schedule C to report how…

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