I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. The IRS is ramping up their audit team and realtors (especially ones with a Schedule C) are always on their radar. Here are some tax tips to help navigate that road.
1 - Keep good records. If you don't have the backup, your expenses may be disallowed.
2 - Track your mileage. Make sure you have a thorough log or an app to keep the mileage correct and bullet proof.
3 - Watch the client gift amounts. You can only give up to $25 per client, so keep this in mind.
4 - You can still deduct 100% of meals. This is for the full cost of business-related food and beverages purchased from a restaurant. Keep in mind this has NOT been renewed for tax years after 2022.
5 - Make your estimated tax payments. If you are a Schedule C, you must keep up with quarterly estimated tax payments, otherwise you're going to find yourself behind and have a big tax problem.
If you or someone you know has back taxes to deal with, don't hesitate to contact us immediately at 303-499-2700 or by email at email@example.com.
825 S Broadway
Boulder, CO 80305
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