Unless you are an accountant who loves tax season, you probably dread this time of year, and you are thrilled when your return is in and your refund is on the way or your tax debt is all paid off.
When you sign your tax return and send it in, you may think that tax filing season is finally over, and that the IRS will not be bugging you for another year. That’s unfortunately not the case.
Millions of Americans get letters from the IRS stating they owe more money or asking for more (2 comments)
tax mistake: The #1 Tax Mistake Realtors Make When they Claim Auto Deduction
- 03/06/21 05:49 AM
I specialize in helping Real Estate Brokers and Agents with their taxes, and I've prepared nearly 1,000 Realtor tax returns over the years. The one area where agents consistently fail to maximize their business deductions is car and truck expense. After buying a home, buying a car is your second biggest expense! It's one you should fully capitalize every year as a business deduction. Has this ever happened to you? It's April 14th - the day before the filing deadline. You get a frantic phone call from a sleep-deprived CPA that goes something like this: CPA (hair on fire): “Hey, how many business miles did you drive last (3 comments)