tax problems for realtors: 2013 Year-End Outlook: Higher Taxes Are Here
- 11/21/13 07:58 PM
2013 has been a big year for taxes. Earlier in the year, Congress passed legislation averting the so-called "fiscal cliff," and many of the "Obamacare" changes have taken effect, or are about to. While few of us who watched the process would consider it Washington's finest hour, we now have answers to many of the questions that have made proactive planning so difficult over the past few years. And now, as the end of the year draws close, it's time to pull out the Magic Eight Ball and start to plan. Here are the highlights: First, the Bush tax cuts … (40 comments)
tax problems for realtors: New Zumwalt Destroyer is Largest Ever Built
- 11/20/13 09:54 PM
You may think I kidding but this is the most advanced designed destroyers to ever been built, The first –in-class Zumwalt is unlike any other superstructures war ships with their towering radar-and antenna-laden signatures. The Zumwalt will ride low in the water to minimize its radar signature, making it stealthier than others. The Zumwalt has a low- slung appearance and angles that deflect radar. Itswave-piercing hull allows it to have a much better ride. The 610 foot ship is a behemoth that’s longer and bigger than the current class of destroyers. It was originally designed for shore bombardment and features a … (0 comments)
tax problems for realtors: Affordable Care Act and You
- 11/20/13 09:46 PM
Back in 2010, President Obama signed the “Patient Protection and Affordable Care Act” and companion “Health Care and Education Reconciliation Act of 2010” Together, those two acts – better known by Republicans and Democrats alike as - “Obamacare” – represent the biggest change in how we finance healthcare since Medicare was created in 1965. They also include some of the most significant tax changes in a generation. Healthcare reform has been an intensely political process. Not one single Republican voted for the law in either House or Senate. And polls show that Americans are overwhelmingly confused and concerned. They still don’t … (0 comments)
tax problems for realtors: Tax Tip vs. Practicality
- 11/20/13 09:38 PM
One of the biggest tax deductions you have left before the end of the year is the purchase of a new or used vehicle. This is especially true if you are looking at the big SUV’s and pickup trucks. This year may be the last year that the 50% bonus depreciation is available for buying a new car or truck. Here’s a quick example: Gary is looking for a tax break for 2013 and has heard about the great depreciation available for the purchase of a new SUV. He is looking at a New Escalade with a purchase price of $65,000. … (4 comments)
tax problems for realtors: More Little Known Tax Tips for Home Entertainment
- 11/20/13 02:32 AM
There are really two types of home entertainment. One is for a small number of guests, say 12 or less. The key here, as always, is to follow the “terms and conditions” the IRS has for entertainment. Those terms are to have a meeting place that is conducive to having a business meeting and your house surely meets that criteria. Next is to document the following: Who was there, when the entertainment took place, where the meeting took place and what did it cost. With a small group it will be easy to stop and talk business with everyone there. If … (0 comments)
tax problems for realtors: It’s Time to Kick the Can Again On Tax Deductions
- 11/20/13 02:23 AM
The extending of the extenders. Last year Congress extended certain tax breaks for one year and here we go again. Some of them are important for the real estate industry. Items such as the deduction of the mortgage insurance as qualified interest, state and local sales tax, expenses of teachers up to $250, the section 179 depreciation limits etc etc. We only have 10 legislative days left in the year and there has been nary a peep about the extension of these tax breaks. Will Congress act on these before year end, will they expire, or will they expire only to … (0 comments)
tax problems for realtors: Taxes, Taxes
- 11/20/13 01:19 AM
It's safe to say that people don't like paying taxes. America was born out of a tax rebellion, and Americans have resisted every variety of tax ever since. Some of them even go as far as renouncing their American citizenship to avoid the tax man. Expatriation sounds like an awfully big step just to pay less tax. But more and more Americans are doing it. In 1994, Campbell's Soup heir John T. "Ippy" Dorrance III saw greener pastures in Ireland, trading what was then a 55% estate tax for Ireland's 2%. And just last year, Facebook founder Eduardo Saverin "defriended" Uncle … (2 comments)
tax problems for realtors: Romney Wins in California!
- 10/30/13 10:19 PM
In 2008 Mitch and Ann Romney bought a home in LaJolla California. The cost was a mere $12,000,000. Seems the Romney’s wanted a home where they could hear the ocean. Well they also wanted to tear down the existing home and rebuild on the property a new 11,000 square foot house. If you stop to think about t they needed room for their five married sons and 23 grandchildren to visit. Most of the home was on the first floor and basement and did not have an adverse effect on the views of any of their neighbors. So, how did Romney … (3 comments)
tax problems for realtors: Simplified Home Office Deduction
- 10/30/13 10:00 PM
Please remember this year you can use the new IRS rule for the home office deduction. This method allows you to deduct a flat rate of $5 per square foot up to 300 square feet or $1,500 for a home office. The good and bad to this are as follows 1) Good a) You still can deduct all of your mortgage interest and property taxes with your itemized deductions b) You can use either method from year to year c) No longer have to depreciate your home 2) Bad a) If your simplified home office deduction reduces your income below zero, you can’t carry it forward to future years as you can … (1 comments)
tax problems for realtors: Apple gets Approval from SEC
- 10/29/13 10:08 PM
Apple and other big corporations like Google and Facebook have long used tax avoidance methods that have moved large amounts of money to foreign banks and companies. Some of the methods have colorful names such as the “Double Irish” and the “Dutch Sandwich”. Well this past week the Securities and Exchange Commission gave their blessing to these tax planning strategies. Just this past year Apple saved over $9.2 billion in US taxes. Apple started to buy back its own stock and was going to run out of money they had in US banks. If they transferred money from foreign account they … (0 comments)
tax problems for realtors: Touchdown, IRS!
- 10/29/13 09:58 PM
It's Week Nine of the 2013 football season, and millions of Americans are following every play. The Kansas City Chiefs are still undefeated. The New York Giants have finally won a couple of games. And playoff races are already starting to take shape. (Bengals, anyone?) So, what does any of this have to do with taxes? Today's National Football League is the biggest spectacle since the Romans packed the Colliseum to watch the Christians take on the Lions. (Needless to say, the Lions were heavy favorites — and usually covered the spread.) Last year, the league generated $9.5 billion in revenue … (0 comments)
tax problems for realtors: Tax Tip for Year End 2013
- 10/28/13 11:04 PM
If you find that your income is up for the year 2013 and you make quarterly estimates for state income taxes consider making the fourth quarter estimated payment before December 31st, 2013. By doing this you will increase your deduction for state taxes on your itemized deductions on Schedule A. If for example, your fourth quarter estimate is for $2000 and you are in the 25% tax bracket you will save $500 in federal taxes for 2013. For 2014 this will require you to look at this strategy again. If your income is down you may want to consider paying this … (5 comments)
tax problems for realtors: Kicking the Can Once More
- 10/28/13 10:56 PM
Seems we have survived the latest government shootout. At least, until the first of next year, we can pay our bills. How many people feel like we will be back in a few months to see congress battle again? From a tax standpoint we at the least stopped the IRS for a few weeks and gave them a nice paid vacation. Phones will be open I understand on Thursday and it will be back to the usual for the collection of taxes via Liens and Levies. At this point I would also recommend that any correspondence be mailed certified with a … (0 comments)
tax problems for realtors: Story Problems for Grownups
- 10/25/13 02:57 AM
Back in grade school, you did all sorts of math problems. You started out with drills to learn your basic addition, subtraction, and multiplication. You learned long division (ugh). You moved on to fractions. And all along the way, as part of your teachers' efforts to convince you that it all matters here in the "real world," you did "story problems." Remember those?
Well, now you're all grown up, so here's a grownup story problem to ponder:
You're an IRS auditor, toiling away to protect the government's revenue base. Then you decide to leave "the dark side" and start your own practice. … (0 comments)
tax problems for realtors: Year End Tax Tips for Meals
- 10/25/13 02:44 AM
One area I see missed quite often is the separation of 50% meals from 100% deductible meals. You mean you did not know there were 100% meals?? That means you have really been missing out. Every time you spend money for snacks or refreshments for an open house you have 100% deductible meals. The same holds true for brokers opens. One basic problem is that your tax preparer may not know to ask the question “Did you have any expenses for brokers open and open houses in that meal expense total? If not, then you just lost some deductions because the … (2 comments)
tax problems for realtors: Deductible Meal When Dining With Your Wife?
- 10/24/13 02:31 AM
I have been asked this question more than a couple of times as I speak to realtor groups around the country. My wife and I work for two separate companies and we go out to eat and discuss work with each other and how to solve problems, Is this deductible as a business meal? Well sorry, but the tax code is very clear about this. You and your wife cannot deduct personal expenses. The fact that there is no third party, client, or a business guest at the meal makes this a personal living expense. Unless a third party, client or … (0 comments)
tax problems for realtors: Friday Night Lights in Oklahoma
- 10/24/13 02:20 AM
As I have written about before there are two high schools in Oklahoma that dominate the large school division. The Jenks Trojans and the Union Redskins have combine to win the last 17 state championships. Another daunting stat is that during the month of October Jenks and Union are a combined 128 – 2 over the last 10 years. So what is there that these two schools do differently than the rest? There are larger high schools so it is not just numbers and how does this relate to real estate? Well, since I have three grandsons playing for Jenks I … (0 comments)
tax problems for realtors: See a Great Movie and get a Deduction Too
- 10/22/13 10:43 PM
Last week Debbie and I went to see the movie “Captain Phillips”. We thoroughly enjoyed Tom Hanks in this movie. His performance has Oscar written all over it. What was even more interesting was an interview Tom did on National Public Radio. He was asked at great length about the making of the film and working with the Somalia actors. Seems Tom and the crew did not socialize with the new actors as they felt that it might impair their intense scenes with them. If you have a current client that enjoys movies too why not take them out to a … (0 comments)
tax problems for realtors: Bad News from the Government Shutdown
- 10/22/13 10:20 PM
The IRS has announced that it will suspend the payment of refunds during the government shutdown. The IRS statement is as follows: “Tax refunds will not be issued until normal government operations resume.” The IRS emphasized however, that the underlying tax law remains in effect, and all taxpayers should continue to meet their tax obligations as normal. The statement above mentions “until normal government operations resume” Isn’t that the biggest oxymoron you heard lately? There is nothing normal about the way this congress and President operate. Bill Zumwalt Helping REALTORS with Tax Solutions and Solving Tax Problems for REALTORS REALTOR Tax Preparation, REALTOR … (1 comments)
tax problems for realtors: Good News Thanks to Shutdown
- 10/21/13 10:40 PM
The IRS has announced that it is halting tax liens and levies during the shutdown. For anyone under the threat of a lien or levy this is good news. However don’t expect it to last forever. I would think that once the employees go back to work this reprieve will quickly end. Bill Zumwalt Helping REALTORS with Tax Solutions and Solving Tax Problems for REALTORS REALTOR Tax Preparation, REALTOR Tax Accountant, Tax Preparation Tulsa, OK Accountant Tulsa, OK, CPA Tulsa, OK, Tax Prep Tulsa, OK, Tax Savings Tulsa, OK, Tax Accountant Tulsa, OK The Tax Coach for REALTORS William T Zumwalt CPA,CTC, PLLC 5416 South Yale … (0 comments)
2013 has been a big year for taxes. Earlier in the year, Congress passed legislation averting the so-called "fiscal cliff," and many of the "Obamacare" changes have taken effect, or are about to. While few of us who watched the process would consider it Washington's finest hour, we now have answers to many of the questions that have made proactive planning so difficult over the past few years. And now, as the end of the year draws close, it's time to pull out the Magic Eight Ball and start to plan.
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