the tax coach for realtors: A Little Bit of Tax
- 04/03/14 06:52 AM
It seems like every day brings new questions about the digital currency called bitcoin, which first appeared in 2009. Who is the shadowy "Satoshi Nakamoto" who created the currency's protocol and software? Who stole $450 million worth of bitcoin from the Tokyo-based Mt. Gox exchange? Who was the mystery buyer who used bitcoin to snag a $500,000 house on the Indonesian island of Bali? Last week, the IRS solved a mystery by ruling on how bitcoin would be taxed, at least here in the United States. And their answer to that question may shoot a hole in bitcoin's hope to become … (1 comments)
the tax coach for realtors: Fast Track to the Presidency
- 03/25/14 10:53 PM
Last week, we talked about the IRS Criminal Investigation unit's Fiscal 2013 annual report. We told you about four of the 2,812 offenders who drew prison sentences for their efforts: the drag racer who applied for $83 million in fraudulent gas tax refunds, the surgeon who "operated" on his tax bill using foreign trusts and shell companies, the Japanese restaurant owner who hid receipts in boxes marked "seasoned octopus," and the prisoner who filed false tax returns for his fellow inmates and sent the refund checks to his mother. But the IRS report detailed over 100 such stories — so, at … (0 comments)
the tax coach for realtors: Seasoned Octopus
- 03/18/14 10:58 PM
Most of the Internal Revenue Service's 90,000 employees are financial bureaucrats, working to collect the taxes that finance our government. But the Criminal Investigations unit, or IRS-CI, is an elite division of 3,700 financial crimefighters dedicated to protecting those taxes. Last month, they released their Fiscal 2013 annual report. And business sure is booming! In 2013, IRS special agents initiated 5,314 investigations (up 3.7% from 5,125 in 2012) and recommended 4,364 prosecutions (up 17.9% from 3,710 in 2012). There were 3,865 indictments and 3,311 convictions (the IRS doesn't take someone to criminal court unless they're pretty sure they can win). And … (10 comments)
the tax coach for realtors: Finders Keepers!
- 03/18/14 10:52 PM
Modern-day salvagers can spend years to find centuries-old treasures. Mel Fisher spent 16 years searching for the Spanish galleon Nuestra Señora de Atocha, which sank in a hurricane off Key West in 1622. But sometimes finding buried treasure is far easier. Just ask the still-unidentified California couple, known only as "John" and "Mary," who took their dog for a walk and spotted the edge of an old can on the side of a trail they had walked almost every day for years. That can was so heavy, they thought it held lead paint. But as they carried it back to the … (0 comments)
the tax coach for realtors: I'd Like to Thank the Academy
- 03/10/14 12:04 AM
Last Sunday night, millions of movie fans across the globe tuned in as the Academy of Motion Picture Arts & Sciences presented the 86th Academy Awards. Viewers were amazed that Adruitha Lee and Robin Mathews had spun a $250 budget into a Best Makeup award for Dallas Buyers Club. They held their breath and wondered how much Kim Novak had to drink before she stumbled her way through the animation awards. And they thrilled as first-timer Lupitsa Nyong'o won Best Supporting Actress for 12 Years a Slave. But there's one award we didn't see — and it's a key to getting … (1 comments)
the tax coach for realtors: Now We Know Why She's Dancing
- 02/25/14 09:56 PM
The Swedish pop band ABBA rocketed to global superstardom in the 1970s, with hits like Waterloo, Fernando, and, of course, Dancing Queen. Named for members Agnetha Fältskog, Björn Ulvaeus, Benny Anderson, and Anni-frid Lyngstad, ABBA is the one of the best-selling music groups of all time. They haven't performed together since 1982. But that didn't stop Ulvaeus and Anderson from turning their songs into a hit musical, Mamma Mia!, in 1999. Just one year later, they turned down an offer to reunite for 100 concerts and a billion dollars. Lots of us are still embarrassed by the fashion choices we made … (1 comments)
the tax coach for realtors: And the Gold Goes To . . . !
- 02/19/14 09:57 PM
If you're like most of us, you've spent at least some time over the past couple of weeks watching the games of the 22nd Winter Olympiad. Who cares if the host city Sochi, a Black Sea beach resort, is warmer than Miami, Florida? 2,800 athletes from 88 countries have traveled to compete in 98 events, and the world is a better place for the fellowship.
Olympic games are famous for sports we don't usually see anywhere else. In the summer games, we get rhythmic gymnastics (dancing with a ribbon), dressage (dancing with a horse), and trampoline (dancing on a trampoline). In the … (4 comments)
the tax coach for realtors: Emergency Savings: How Much is Enough?
- 02/17/14 10:13 PM
We all need an emergency fund, but what's considered "an emergency?" Any unexpected hit to your finances, including layoffs, unanticipated illnesses, and natural disasters. Car insurance premiums and regular home maintenance are (or should be) anticipated, so they're not emergencies. The same is true of credit card bills for vacations and visits to the dentist's office. An emergency fund is designed to keep your life intact during temporary setbacks and to help you avoid unnecessary debt. How much emergency savings is enough? In general, your emergency fund should cover three to six months of expenses. How much you'll need will vary … (1 comments)
the tax coach for realtors: Capitalization vs. Expensing
- 02/17/14 03:41 AM
The new IRS regulations on capitalization vs expensing are complex. But the part of the regulations that concerns most small businesses makes it easier for them to comply. Here's an overview of the safe harbor rules for small businesses. If your average annual gross sales are $10 million or less, you may choose to write off the cost of improvements made to an "eligible building." An "eligible building" is one that is owned or leased by the qualifying taxpayer and the unadjusted basis of the building is $1,000,000 or less. Also, to be able to deduct the expenditures on your current-year's … (2 comments)
the tax coach for realtors: Health Insurance Tax Credits are Good Medicine for Small Businesses
- 02/13/14 10:28 PM
The Affordable Care Act provides a tax incentive for small business owners who pay at least a portion of their employees' health insurance. This year as much as 50% (up from 35% in 2013) of the employer's cost for worker health care premiums can be deducted as a tax credit. That's a dollar-for-dollar reduction in your 2014 tax bill. But as with most tax deals, you must meet certain requirements to qualify. First, you must employ fewer than 25 full-time equivalent (FTE) employees. A half-time employee would count as a .5 FTE, so you must consider all workers in your calculation. … (3 comments)
the tax coach for realtors: There's an App for That
- 02/11/14 08:54 PM
Managing the Internal Revenue Service is no easy job. It takes a lot of automation to process over two hundred million tax returns per year. And, while the Service still stores master tax records on computers commissioned during the Johnson administration (Lyndon, at least, not Andrew!), the IRS still spends hundreds of millions per year to take advantage of the latest information technology.
The geeks who manage the IRS's computers do a great job with the limited resources Congress gives them. But they want to be like the cool kids in Silicon Valley, too. So they've created an app, called IRS2GO, that … (0 comments)
the tax coach for realtors: Who Needs an "Employer Identification Number"?
- 02/10/14 09:55 PM
If you do any of the following, you will need an Employer Identification Number (EIN) from the IRS: If you operate your business as a corporation or partnership. If you file reports for employment taxes, excise tax, or alcohol, tobacco and firearms. If you have even one employee. If you have a self-employed retirement plan. If you operate as any of several other organizations. Acquiring an EIN is very quick and simple. You do not need to complete the Form SS-4 unless you prefer to. Go to www.irs.gov. Once there, use the search box and type in EIN online. You will … (1 comments)
the tax coach for realtors: Rule for Deducting Medical Expenses has Changed
- 02/09/14 10:16 PM
You may be familiar with the old tax rule that let you take an itemized deduction for unreimbursed medical expenses that exceeded 7½% of your adjusted gross income. For 2013 and future years, the income threshold increases to 10% for taxpayers under age 65. Those 65 and older may continue to use the 7½% threshold through the year 2016. 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 … (2 comments)
the tax coach for realtors: Take a Different Route to a Roth IRA
- 02/09/14 10:00 PM
If your income exceeds certain levels, you cannot make contributions to a Roth IRA. However, you can convert a traditional IRA to a Roth IRA no matter how high your income. Roth IRAs are popular because qualifying distributions are tax-free and annual distributions are not required at age 70½. A conversion to a Roth is a taxable event, so factor that into your analysis. For more information, call us. 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 … (0 comments)
the tax coach for realtors: Equipment Write-Off Decreases for 2014
- 02/06/14 10:39 PM
In recent years, businesses could expense up to $500,000 of equipment purchases in the year of purchase, with a $2,000,000 annual purchase limit. In addition, bonus depreciation was allowed for new equipment purchases. Because Congress did not extend these provisions for 2014, businesses can now only expense $25,000 of new or used equipment purchases. The deduction is reduced dollar-for-dollar when total asset purchases for 2014 exceed $200,000. Also, the 50% bonus depreciation that applied in 2013 is no longer available. Congress may extend these provisions, or they may not. Check with us for the latest when you're making equipment purchasing decisions … (0 comments)
the tax coach for realtors: IRS Alerts Taxpayers to Latest Tax Scam
- 02/06/14 04:17 AM
The IRS has issued a warning about the latest phone scam. The caller claims to be from the IRS and tells the intended victims they owe taxes which must be paid immediately with a pre-paid debit card or wire transfer. Individuals who don't pay up are threatened with arrest or loss of their business or driver's license. Watch for these signs that the call is a scam: Use of fake IRS badge numbers. Caller knows the last four digits of your social security number. Caller ID appears as if IRS is calling. Bogus IRS e-mail is sent as follow-up. Second call … (2 comments)
the tax coach for realtors: Adding Insult to Super Bowl Injury
- 02/04/14 08:36 PM
On Sunday, quarterback Peyton Manning led his uncharacteristically hapless Denver Broncos to the second-most-lopsided Super Bowl loss ever. Manning & Company just couldn't catch a break, from the safety they gave up on the game's first play, to Manning's two interceptions, to Percy Harvin's second-half kickoff return, to . . . you get the picture. So, Manning didn't walk away with that hoped-for second Super Bowl ring. But at least he walks away with the $46,000 bonus the NFL awards to losing players. Or does he? Well, here's the deal. It turns on two things: 1. New Jersey, like most states, … (1 comments)
the tax coach for realtors: Ready, Set, File
- 02/02/14 10:00 PM
Well Friday was the first day to be able to file your tax returns electronically. This delay was caused by our congressmen who waited to the last second to pass legislation for 2013. This has been a real headache for the IRS much less the software companies and tax preparers. Per the IRS there are several free options that you should consider. Use the Free File as found on the TRS website ( IRS.gov). If your income is $58,000 or less you can use the free tax software to prepare and file your returns. So get ready, get set, go file!! … (1 comments)
the tax coach for realtors: Le Grand Tax Savings
- 01/28/14 11:02 PM
When you think of France, you probably think of food. The French are known throughout the world for their truffles, foie gras, and fine champagne. French chefs have spread the gospel of rich food and fine wine across the globe. Most of us think of "French" dining as the highest form of cuisine. But it seems the French have a dirty little culinary secret they might not like the rest of the world to know. Would you believe they love McDonald's almost as much as we do? That's right, there are 1,258 golden arches across France, and France is actually McDonald's … (3 comments)
the tax coach for realtors: Poor Record Keeping Means Lost Deductions
- 01/22/14 09:51 PM
Check your records to be sure you have the paperwork you need for charitable contributions you want to deduct on your 2013 tax return. Cash, check, and other monetary donations of any amount can be deducted only if substantiated by a bank record or written documentation from the charity. The rules require you to obtain the necessary records before you file your 2013 return. 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, … (3 comments)
It seems like every day brings new questions about the digital currency called bitcoin, which first appeared in 2009. Who is the shadowy "Satoshi Nakamoto" who created the currency's protocol and software? Who stole $450 million worth of bitcoin from the Tokyo-based Mt. Gox exchange? Who was the mystery buyer who used bitcoin to snag a $500,000 house on the Indonesian island of Bali?
;)
;)
