Income Tax

New Tax Law: New Deductions

One of the most significant changes in the new tax law is the doubling of the Standard Deduction.    If you file as a “Single” taxpayer, you can take a standard deduction of $12,000 in 2018, which is double what you could take on your 2017 tax return.  If you are “Married Filing Jointly”,  you can …

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Three Steps To Take So You Won’t Miss Out on Meals and Entertainment Deductions

Real estate agents and self-employed individuals miss out on thousands of dollars in meals and entertainment deductions because their record-keeping has holes in it, or their accountant is too conservative and hesitates to take legitimate deductions. Here’s three simple steps to take to maximize your legal deductions in this area. 1. Respect the IRS–don’t fear …

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The Home Office: Your Key to Saving $5,000 or More in Taxes Every 5 Years

Realtors, self employed individuals and small business owners miss out on legal, legitimate tax deductions because their record-keeping has holes in it, or their tax preparer is too lazy and/or too conservative to take advantage of them. Not taking a deduction for your home office can cost you hundreds, even thousands of dollars a year …

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Do you fear an IRS Audit?

The second biggest tax mistake you can make is fearing, rather than respecting the IRS. Do you fear an IRS audit? Do you suffer from “audit paranoia”? Yesterday I sat down with a potential new client and reviewed last year’s tax return. OMG. She had paid really big bucks to a really big out of town …

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For every $1 you bring in… how much do you pay out in tax? (ie., what is your income tax rate)

A few weeks ago I ran a survey on my Facebook page asking whether your income tax rate has gone up, gone down, or stayed about the same over the years. The answers astounded me. Clearly most people think tax rates have gone UP. Some believe they’ve stayed about the SAME. But only one respondent believed …

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How to Beat the IRS (Legally!) on Meals and Entertainment Write-Offs

If you’re a real estate agent, or small business owner, or self-employed contractor, you may be missing a powerful tax deduction because your accountant is too conservative.   Too conservative to take meals and entertainment write-offs that are totally legal and 100% compliant with the rules outlined in the IRS code.   Here’s the basic rule. …

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