the tax coach for realtors: As a Realtor® Are You Missing Deductions?
- 12/04/13 10:18 PM
If you think you are missing deductions you are absolutely right. The best thing you can do is to look at your present list of expenses and see how they compare to last year. If you are down on the expense side see if there is some logical for this. If your revenue is up 10% then your total expenses will likely be up 10% or more. Be sure to check out my website for a deduction check list just for Realtors®. At www.TeamZumwalt.com you will find a tab on the left for online forms. There you will find worksheets for … (3 comments)
the tax coach for realtors: Black and Blue Friday
- 12/03/13 10:34 PM
Well how did you’all fare thru the vast quantity of great food shared with family and friends. Hope you all had a great Thanksgiving I know (burp) I did. Man, but what about all this shopping at insane hours of the night and early morning? My dear Debbie and I have 15 grandchildren to buy for. Debbie has this down to a science. She even has each a budget where not only does she have the amount to spend but tracks the number of gifts so as to be fair to all. Debbie takes her Ipad with her where she has … (1 comments)
the tax coach for realtors: $8 Million Sales Secret
- 12/03/13 10:12 PM
When you became a real estate agent the thought of selling may have been very scary. Fortunately, selling is a skill that you can learn. And Barbara Corcoran is as good a teacher as any. Barbara founded Corcoran Group Real Estate with a loan of $1,000 from her boyfriend. Barbara is currently an investor on ABC’s Shark Tank, where she evaluates pitches from aspiring entrepreneurs. Barbara recently sat down with Business Insider CEO Henry Blodgett to explain the difference between agents making $40,000 and agents making $8 million. It’s as relevant for you as it is for her real estate agents. … (2 comments)
the tax coach for realtors: Voting With Your Feet
- 12/02/13 09:49 PM
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 Sam … (0 comments)
the tax coach for realtors: Jenks Maroon Wins Indian Nations Title
- 12/02/13 09:32 PM
On a cold, rainy, and windy Saturday night in Coweta, Oklahoma ( that’s Co WE ta) the seventh grade Indian Nations football championship was played. The teams competing for the championship were the Jenks Black squad and the Jenks Maroon team. This televised game was well attended by both teams and followers even if the weather was brutal. The Jenks Black set the tone for this game with a touchdown on it’s first drive. But not to be discouraged The Mean Maroon rallied to win the game 37 to 25. Yours truly and my wife, Debbie were so proud of our … (1 comments)
the tax coach for realtors: "Black Friday" Tax Planning Puts Taxes on Sale
- 12/01/13 10:30 PM
The holidays are here, and millions of Americans kicked off the season with “Black Friday” shopping. Braving the crowds and the cold, facing scorn from family they’ve left behind, they line up at obscenely early hours (or duck out of Thanksgiving dinner before the pumpkin pie is even served) to save $20 on a DVD player or $40 on a flat-screen television. It’s sad, but true, that most Americans spend more time planning their “Black Friday” shopping than they spend planning their taxes. But that can be an expensive mistake! What if the IRS had a sale? What if the IRS … (0 comments)
the tax coach for realtors: Tulsa is Number One!
- 12/01/13 10:15 PM
We have been officially crowned number one in the nation. And it’s a good thing too. Usually we are number listed as one of the most beautiful places to live or best place to buy a home due to great prices. You know, 2,500 square foot homes for $180,000. But this time it really means a savings to all Tulsans. So what’s so great about living in Tulsa? We have the lowest gasoline prices in the country. Right now we are at $2.70 per gallon for regular and it is expected to drop to the mid to low $2.60 range. Wow … (1 comments)
the tax coach for realtors: Tax Deductible Holiday Parties
- 11/28/13 10:35 PM
The IRS allows you to have two employee gatherings each year. One can be a summer party and another a Holiday party. These parties will have 100% deductible meals as well. Please note that the key word here is Employee. So the normal scenario for a realtor would be to have as holiday party and they have say 3 employee and 7 independent agents. So to make this work you would have to prorate the meal expense with 30% of this being 100% deductible and 70% being 50% deductible. If you are an S Corporation and the holiday party is at … (6 comments)
the tax coach for realtors: IRS Issues Statement With Regard to Shutdown
- 11/28/13 10:25 PM
I received an e-mail form the IRS with regard to the return to work and the problems they face due to the shutdown of their offices. It says as follows: “At this point, we know we received a large amount of correspondence during the closure. We know there will be a substantial increase in demand for our phone services and many other operations. On October 17th, we started reopening our phone lines and our Taxpayer Assistance Centers, both of which will take time to ramp up to normal operating status. In addition, other business operations have started resuming, including the processing … (1 comments)
the tax coach for realtors: Larger Party Entertainment Tax Tips
- 11/27/13 10:26 PM
Normally, food and entertainment provided in your home as a part of a business discussion are only 50% deductible, as with the general rule for entertainment deductions. However, food served at a seminar or sales presentation would be an exception to this rule. These entertainment expenses are 100% deductible. This is backed up by a tax court decision in Robert Matlock v. Commissioner, TC Memo 1992-234. In this case all food and drinks served to prospects are 100% deductible when provided at your home during a sales presentation or seminar. So, for the documents needed to pass muster with the IRS … (5 comments)
the tax coach for realtors: IRS Contract Workers Owe Big Time Taxes
- 11/27/13 10:14 PM
It was reported that the companies that perform as independent contractors for the IRS have 700 employees that owe the IRS $5.4 MILLION !! And what’s even better is that of the 700 employees more than half are not eligible to work for their employers on IRS business since they are not in an installment agreement to repay this debt. The IRS apparently does a good job of initially screening workers but is really falling down on the job of keeping up with annual compliance. The IRS does a really good job of screening their own employees and they should hold … (1 comments)
the tax coach for realtors: Filing Fraudulent Prison Inmate Tax Returns Lands 2 Preparers In Jail
- 11/26/13 10:17 PM
Will this ever stop? On Wednesday special agents of the Criminal Investigations unit arrested Kamal J. James , aka “Bro Messiah Aziz El and Crystal G. Hawkins, aka “Sis. Crystal Gabri El. They were charged with one count of Conspiracy to Defraud the US. Seems this pair had a company called Release Refunds that went to prisons in New Jersey and recruited inmates to file fraudulent tax refunds. They did this to the tune of $1.7 million. To show how stupid criminals can be, these two sent out promotional flyers for the business to inmates at various New Jersey prisons. Here … (0 comments)
the tax coach for realtors: That's A Lot of Gravy!
- 11/26/13 10:05 PM
Back in 1621, a group of hardy Pilgrims sat down for a three-day festival of thanksgiving to celebrate surviving plague, starvation, cold, scurvy, Indian attack, and all the other obstacles that made life in the "new world" so delightful. They feasted on game birds, flint corn, venison, eels, shellfish, and native vegetables including beans, turnips, carrots, onions, and pumpkins. (No butter or flour, though, which meant no pumpkin pie. And aren't you glad we remember them now for turkey instead of eels?) 242 years later, President Abraham Lincoln proclaimed the first "official" Thanksgiving — a national day of "Thanksgiving and Praise … (1 comments)
the tax coach for realtors: 2014 Filing Season to be delayed
- 11/25/13 10:27 PM
The IRS announced that the government shutdown will cause the filling of tax returns until February 4th, 2014. The normal date that the IRS would have accepted returns was January 21st 2014. This past closure came during a peak time period when the IRS is finalizing the programs for the coming year. About 90% of IRS operations were closed during the shutdown, with some closed entirely during this period, putting the IRS nearly three weeks behind its tight schedule. This unintended consequence is not the first time this has happened recently. Last year congress waited till the last minute to extend … (0 comments)
the tax coach for realtors: Bank of America is Found Liable for Countrywide Mortgage Fraud
- 11/25/13 10:04 PM
Last month Bank of America was found liable for fraud on defective mortgages sold by its Countrywide mortgage company. After a four week trial in Manhattan, it was determined that Countrywide originated shoddy home loans in a process called High Speed Swim Lane or “Hustle” and then sold the loans to Fannie May and Freddie Mac. The decision on what to award the US Government was left up to Judge Jed Rakoff. The US Department of Justice was asking for $848.2 million in settlement. In an interesting side note, the whistleblower who turned in Countrywide, Edward O’Donnel could earn up to … (1 comments)
the tax coach for realtors: Death and Taxes and Zombies
- 11/24/13 09:43 PM
Law reviews are scholarly journals focusing on legal issues, usually edited by students at a particular school. America's law schools currently crank out hundreds of different reviews, which means there aren't a lot of topics that haven't already been covered. (Chief Justice John Roberts once said "Pick up a copy of any law review that you see, and the first article is likely to be, you know, the influence of Immanuel Kant on evidentiary approaches in 18th Century Bulgaria, or something.”) But the Iowa Law Review has just published a new article on a crucial tax topic — and it's especially … (0 comments)
the tax coach for realtors: Tick Tick Tick Do We Have Time To Tock????
- 11/24/13 09:25 PM
It’s Sunday morning and the clocks have been set back for daylight saving time. I ‘m sitting in my principal (home) office working on a year- end tax plan for one of my more successful agents when I realize that it is not only November but the new year is less than 60 days away. I bet you have been thinking about the holidays and that perfectly roasted turkey. So I ask you – do you pay too much in taxes? Do you always owe taxes come Aoril 15th? Take your mind away from the Yukon Gold mashed potatoes for a … (0 comments)
the tax coach for realtors: Boxer Rescue Of Oklahoma Presents it’s Second Annual Fall Gala
- 11/22/13 08:40 PM
Many of you know that our family is heavily involved with the Boxer Rescue of Oklahoma organization. Last year my wife, Debbie chaired the first annual fall party to raise money for this wonderful organization. Over $17,000 was raised to help with this worthy cause. This year our daughter, Nicole Husaker, is the chairperson and has lined up a serious party. The Gala will take place at the Tulsa Cox Center and feature live music with both a silent and live auction. Just a few of the items to be auctioned include an autographed Kevin Durant game jersey and a guitar … (1 comments)
the tax coach for realtors: 2014 Tax Benefits Adjusted for Inflation
- 11/21/13 08:20 PM
Doesn’t it just give you a warm fuzzy feeling that the IRS has a heart and has increased over 40 tax provisions for 2014. Some of those that are more well known are: 1) The maximum tax rate of 39.6% now starts at $406,750 for singles up from $400,000. While joint filers the rate starts at $457,600 from the previous $450,000. 2) The standard deduction goes up to $6,200 for singles and $12,200 for joint filers. 3) The reduction of your itemized deductions begins at $254,200 for singles and $305,050. 4) The personal exemption for 2014 will be $3,950. Remember though that this deduction is also phased out … (2 comments)
the tax coach for realtors: “Black Friday” Tax Planning Puts Taxes on Sale!
- 11/21/13 08:10 PM
The holidays are here, and millions of Americans kicked off the season with “Black Friday” shopping. Braving the crowds and the cold, facing scorn from family they’ve left behind, they line up at obscenely early hours (or duck out of Thanksgiving dinner before the pumpkin pie is even served) to save $20 on a DVD player or $40 on a flat-screen television. It’s sad, but true, that most Americans spend more time planning their “Black Friday” shopping than they spend planning their taxes. But that can be an expensive mistake! What if the IRS had a sale? What if the IRS … (1 comments)
If you think you are missing deductions you are absolutely right. The best thing you can do is to look at your present list of expenses and see how they compare to last year. If you are down on the expense side see if there is some logical for this. If your revenue is up 10% then your total expenses will likely be up 10% or more.
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