Save Taxes By Proper Planning And Advice
• We give you tips on how to save income taxes throughout the year.
• We help you minimize income, estate, and employment taxes by planning.
• It’s quite hard to undo things after the end of the year.
• Disorganized records lead to missed deductions. Missed deductions lead to more taxes.
• These also lead to chaos at your home or office where personnel spend unnecessary time looking for records rather than engaging in productive work.
• These can cause you to lose deductions if you cannot readily document expenses in an IRS audit.
• And don’t forget more audit defense fees for accountants, enrolled agents, and tax lawyers.
• You may as well create an efficient filing system. We can set you up with a good one.
• We have been defending taxpayers audited by the IRS and other agencies for more than 30 years.
• I can smell an IRS audit with just a glance of your tax return.
• There are flags - red flags that make your returns attractive to an examination.
• We remove red flags to lower your DIF scores and make your returns less inviting.
Foreclosure and Short Sale problems?
• Taxpayers whose homes are foreclosed are faced with two sets of major problems with lenders for unpaid balances on recourse loans and with the IRS and state department of taxation for debt relief.
• Distinguish between recourse and non-recourse loans.
• Learn which states have nonrecourse statutes that allow you to walk-away (non-judicial states).
• Recognize when non-recourse loans convert to recourse wherein the lender comes after you personally for unpaid loan balances or deficiency in short sales.
• Debt relief is produced by foreclosures, abandonments, voluntary reconveyance, and short sale.
• Debt relief also produces taxable income.
• Take advantage of $250,000/$500,000 exclusion of gain from the sale of your residence.
• Exclude COD (cancellation of debt) income when you are insolvent (loans exceed assets).
• Exclude debt relief if you declare bankruptcy under chapters 7, 11, 13.
• Read Tax Tips for more information on this subject.
• If you don’t want to pay capital gain taxes now, explore another option: tax deferred exchange.
• Should you postpone paying capital gain taxes by using a tax-deferred exchange 1031?
• When is it advisable/not advisable to use 1031?
• Should you bite the bullet and pay capital gains taxes now rather than use 1031?
• We can project taxes with and without using 1031 tax deferred exchange.
• Read Tax Tips for more information on this subject.
• Is the recession teaching us any lesson from the use adjustable mortgages?
• When is it best to use fixed mortgages?
• Is it better to have low points but higher interest rates?
• Let’s analyze your particular situation if paying higher points with lower interest rates is good for you.
• Should you refinance?
• What is the effect of refinance on non-recourse loans?
• Seek advice before deciding on fixed or variable loans.
• Compute break-even period for higher or lower points or interest rate.