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The Audit Process

The Audit Process

Nobody wants to be audited- who wants to dig through their paperwork for receipts, bank statements, ledgers and logs from years ago? Who wants to take time off from work to go meet with the IRS for a “one hour appointment” that will easily turn into several hours? And if they are not happy with your answers, you could have multiple appointments with the IRS! It is much more cost effective to get Audit Representation…Continue Reading

Keeping Good Records

Keeping Good Records

Keeping Good Records Saves You Money and Protects You in an Audit! Why Should I keep Business Records? To help monitor your business progress, prepare tax returns, and prepare financial statements. The burden of proof is on the taxpayer to prove that they had the expenses they claimed on their tax return. 1. Monitor yourContinue Reading

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 EstateContinue Reading

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