Do you have a business? If so, do you take the home office deduction? If you’re not taking, or even if you are, you’ll want to read today’s article on how you can safely take the home office deduction on your tax return.
First, and foremost, you must have a business. In the past, there have [...]
Category Archives: The Tax Strategist
Safely Take a Home Office Deduction
November 1, 2010 – 3:07 am
New Issue for Real Estate Investors with Foreclosures
October 1, 2010 – 1:31 am
Experienced a foreclosure, short sale, loan modification or deed-in-lieu of? Unfortunately, there may be more nasty surprises coming your way.
The Mistakes Lenders Are Making That Could Cost You
August 30, 2010 – 7:31 pm
CPA Diane Kennedy shares mistakes that lenders make that can cost you.
Independent Contractors vs. Employees
August 1, 2010 – 3:04 pm
Tax strategist Diane Kennedy discusses the differences between independent contractors and employees, and why this is very important to you.
The Documentation You Need to Keep Yourself Out of Hot Water
July 1, 2010 – 12:07 am
Tax strategist Diane Kennedy discusses the documentation you need to prove you legally and legitimately run a business.
Changing Laws and Economic Times Mean New Tax Issues for Real Estate
June 1, 2010 – 4:55 pm
About 8 years ago, a speaker from the AICPA (the national CPA organization) made the statement that 80% of accountants do not understand basic real estate accounting and tax.
And that was back when it was fairly clearcut. We’ve now seen three powerful changes that haven completely shaken up real estate tax planning. These three are:
Changing [...]
Four Things You Must Avoid If You’re Filing an S Corporation Return
May 1, 2010 – 4:40 pm
The S Corporation is the perfect business structure for most businesses. But that doesn’t mean it’s completely risk free. The GAO reviewed a sample of S Corporation tax returns for two years and discovered that 68% were done wrong. Over half were wrong! And of those wrong returns, over 70% had been [...]
The Last Business Structure You’ll Ever Have
March 1, 2010 – 4:08 pm
A little over 12 years ago, a different type of business structure was authorized in its first state. And, like many things in the tax and legal world, it’s taken a while for it to gain acceptance. That’s because advisors are reluctant to put their clients into business structures until it’s been proven rock solid [...]
Are You Ready For More Taxes?
February 1, 2010 – 3:59 pm
No matter where you live in the United States, the answer is very likely to be no, but it’s going to happen anyway. The biggest tax surprise isn’t coming from the Federal Government. The next round of tax hikes is more likely to hit closer to home.
State governments are reeling as they lose tax revenue [...]
Don’t Believe that IRS Notice You Just Got
December 1, 2009 – 5:13 pm
The IRS audit force has been doubled.  The fairly new commissioner has been given one prime directive: collect more money! And, just like the feds, they’ve fired up the printing presses.
In the past few weeks, we’ve seen dozens of IRS notices and heard of hundreds more. In almost every case, the IRS is wrong. If you get an IRS [...]
