If you made an error on your tax return, don’t worry—there are two easy ways to fix it: 1. A superseding return2. A qualified amended return A superseding return is an amended or corrected return filed on or before the original or extended due date. The IRS considers...
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....
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...
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...
When you buy business or investment real property, such as an apartment building, you usually pay one lump sum for land, buildings, and other improvements. There’s no cost breakdown. You can’t depreciate land because it doesn’t wear out. So, as far as depreciation...
