I think multi-level marketing companies are a mixed bag. They are great in terms of providing you with a pre-packaged business model at a dirt-cheap price. People can put as little or as much time they wish into their business. They have a low cost of entry. The tax benefits of the home office can [...]
Read More Income Tax Preparation, MLM, Tallahassee Tax Service, TallyTaxManI have done many amended 2008 tax returns for clients seeking the first time homebuyer tax credit. This credit is scheduled to end on November 31, 2009. There ahs been a whole lot of discussion about what happens beginning December 1. There is a proposal I the senate right now that would raise this credit [...]
Read More Income Tax Preparation, IRS Letters, Tallahassee Tax Service, TallyTaxMan, Tax CreditsI was just sitting here looking out the office window thinking about some of the issues I see taxpayers encounter on a regular basis. There is typically a 10% penalty on the amount of early withdrawals you take from your qualified retirement accounts. There are, however, several exceptions to this rule. I will list only [...]
Read More Income Tax Preparation, IRS Letters, Tallahassee Tax Service, TallyTaxMan, Tax DeductionsI’m sure everyone has heard about Earned Income Credit by now. This is a refundable credit, which means that you are eligible to get more back in refund than you paid in throughout the year. Depending on your filing status and the number of dependents you have, you can be eligible for up to $4,824 [...]
Read More Income Tax Preparation, IRS Letters, Tallahassee Tax Service, TallyTaxMan, Tax Credits, Tax DeductionsIf you have purchased a home over the past twenty years or so, then you probably know what private mortgage insurance (PMI) is. If your mortgage amount is over 80% of the appraised value, then the lender will require that you pay PMI to insure their interest in the property due to the loan-to-value ratio [...]
Read More Rental Property, TallyTaxMan, Tax DeductionsWhat is a reverse mortgage, and who is a good candidate for one? This is ideally suited for someone over 65 years old with a house that is paid off, or nearly paid off. In exchange for equity in your home, the lender will provide you with the cashflow you need to make it each [...]
Read More Tax DeductionsThere has been talk for many years about regulating the tax preparation industry. As with any industry that becomes regulated, efficiency goes down and costs rise. Don’t misunderstand me. I am all for competent professionals. This is why I get continuing education every year. I recently got my license as an Enrolled Agent. In my [...]
Read More Income Tax Preparation, IRS Letters, Mileage Deductions, Rental Property, Roth IRA Conversion, Tallahassee Life Insurance, Tallahassee Tax Service, Tax Deductions