If you are suffering or about to suffer an IRS audit, you should know how your tax positions stack up against the IRS examiners’ positions. In most cases, you are discussing the facts, not the law, and you prove your facts with receipts, canceled checks, and logbooks....
Do you claim a tax deduction for a home office? Should you include or exclude your garage space in your calculations of business-use percentage? The Culp’s Case Ronald Culp earned an office deduction for 78 percent of his home. That’s a nice percentage,...
Three bad things happen when you file your tax return late. What’s Late? You can extend your tax return and file during the period of extension; that’s not a late-filed return. The late-filed return is filed after the last extension expired. That’s what causes the...
The $250,000 ($500,000, if married) home sale gain exclusion break is one of the great tax-saving opportunities. Unmarried homeowners can potentially exclude gains up to $250,000, and married homeowners can potentially exclude up to $500,000. You as the seller need...
Previously, we discussed tax issues that arise when a financially comfortable loved one has passed away. In this blog, we dive into some of the non-tax issues you will have to deal with as the executor of the estate. Getting Extra Death Certificates For various...
Do you own business or investment property that has gone up in value? Would you like to acquire new property? If you sell the old property, you’ll have to pay tax on your profits. Don’t do that. Instead, do a tax-deferred Section 1031 transaction. With a properly...
