[…] However, let’s say this is your fist year in business, and your marketing expenses were greater than income by $10k. You have a $10,000 tax loss. Your $2,000 home office expense cannot turn this $10k loss into […]
[…] The bad news that it can cost you a little bit of money of you did not have health insurance in 2014. The good news is that you really do not need to read and understand all the rules and the new IRS forms because […]
[…] this assumes that the IRS has your correct mailing address on file. Otherwise, after a few failed attempts to reach you by mail, they will try to call you – if they have your phone numbers, of course […]
[…] If taxes were simple (right!), you would pay taxes only on the money you actually received. In the year of sale, it would be your down payment plus maybe couple more payments – and that’s it. This is not how it works though. [..]
[…] there is no simple formula to figure out how much taxes will be due on your next $10,000 deal. It could be anywhere from the manageable $1,500 all the way to the ridiculous $4,000. In other words, between 15% and 40%. […]
[…] Unless your numbers are out of the ordinary in some way, the odds of being audited are pretty low. Reducing an already low risk to an even lower risk would be a good idea – if it did not involve more work and more cost […]
[…] The strict deadline is June 30th. No extensions. How serious the government is about penalizing someone the whooping $10,000 for not reporting a measly $15,000 overseas savings account set up for you by your parents? They sure promise to do so […]
[…] Carefully examine what you were charged on the front end, what you were charged at payoff, and what you paid in between. I can’t tell you how many clients reported that the lender said ‘oops’ once confronted with the client’s own calculation. […]
[…] One big problem: this transcript is not available until late summer, simply because it has to wait until all these forms get reported to the IRS. Accordingly, if you want to use this transcript for tax preparation, […]
[…] The bottom line is that no tax returns will be processed until January 31st. If you print your tax return on paper and put it in the mail – it will be sitting in the IRS intake facility until January 31st. If you go online and submit it via TurboTax or some other software […]
