Under the new health care bill – did you know that all real estate transactions are now subject to a 3.8% Sales Tax? We do need to note here that most sellers can exclude up to $250,000/$500,ooo in gains from this tax. The bulk of these new taxes don’t kick in until 2013. This new [...]
Read More Florida Property Tax, Income Tax Planning, Income Tax Preparation, IRS Letters, IRS requirements, Real Estate Transfer Tax, Tallahassee Tax Service, TallyTaxManLike the aftermath of Hurricane Katrina, oil spill victims are about to get kicked by the IRS while they are down. According to a recent Associated Press report, payments by British Petroleum to oil spill victims will be taxed as regular income. The same report quoted several Gulf Coast residents as saying that the money [...]
Read More Income Tax Planning, Income Tax Preparation, IRS Help, New Tax Laws, Tallahassee Tax Service, TallyTaxManThis is a form reporting cancellation of debt. Let’s say that you stopped paying on one of your credit cards. The company may decide the debt is uncollectible and write it off. They can then send you a form 1099-C. The amount of this written-off debt must then be reported on your tax return. [...]
Read More Income Tax Preparation, IRS Letters, IRS requirements, Tallahassee Tax Service, Tax DeductionsAn Infowars.com post on August 14 explains that the US equities market has triggered a confirmed technical indicator known as the “Hindenburg Omen.” This omen, as you may have guessed, suggests that a stock market crash is on the way. This is the most feared indicator for Wall Street bulls. However, when the infamous omen [...]
Read More Hindenburg Omen, Income Tax Preparation, Inflation, IRS Letters, stock market crashWell, it depends. The general rule on this is that you need to make a profit in 3 out of 5 consecutive years ending with the year in question, unless the IRS proves otherwise. There are several exceptions to this rule, such as some farming and livestock activities. There is a special election form that [...]
Read More Income Tax Preparation, IRS Help, IRS Letters, Small Business Tax, Tallahassee Tax Service, TallyTaxMan, Tax DeductionsThe Florida Department of Revenue is beginning to ramp up its collection and enforcement activities these days. They have changed their phone banks and forms to resemble those of the IRS, complete with the “Press 1 For English” phone prompt. They will mail you a notice of audit. You can either represent yourself or [...]
Read More IRS Audit, IRS Help, IRS Letters, Payroll Audit, Tallahassee Tax Service, TallyTaxManYes, sometimes. This is called an Offer In Compromise (OIC). Be careful with these late-night commercials making these outrageous claims. These companies typically charge several thousand dollars up front, then assign your account to an employee who is only authorized to discuss the account, but not represent you before the IRS. Make sure anyone helping [...]
Read More Income Tax Preparation, IRS Help, IRS Letters, IRS requirements