How can you keep from paying capital gains tax when you sell a rental house or other income producing property? The answer could be to do a 1031 Exchange.
Homestead Exemption
Do you own the home you are living in and it is your primary residence? If so, have you filed/confirmed your Homestead Exemption to reduce your property taxes? A homestead …
How to (legally) lower your taxable income
In the final months of the year, there are only a few options left to you to lower your taxable income and reduce your tax bill. This is the #1 topic for financial planners assisting their clients.
Collecting W-9s is a Pain. But…It’s the LAW
The W-9 is critically important for businesses to collect from anyone to whom they will make payments for services. The W-9 is required in order to issue Form 1099-NEC, a new form required by the IRS for the 2020 tax year.
NEW for the 2020 Tax Year: Form 1099-NEC
The IRS changes Form 1099 for 2020 Tax Year!
For the 2020 Tax Year, the IRS is requiring a new form, the 1099-NEC to report nonemployee compensation. The 1099-NEC is a whole form dedicated to BOX 7 (nonemployee compensation) formerly on the Form 1099-MISC.
In this world nothing can be said to be certain, except death and taxes.
Benjamin Franklin
Can I Use Digital Copies of Receipts?
I frequently get asked the question, do I have to keep the original copies of receipts and invoices as backup for expense deductions taken on my income tax returns in …