The 5 tax rules a military landlord needs to know before renting out their home

The nature of military lifestyle means frequent moves, uncertain surroundings, and the only thing that is constant is change.

Service Members invest in real estate for the same reason anyone does.  It is a nice thought to be building equity in your name rather than someone else’s, it is difficult to find rental properties in desirable areas, at a decent rate, that will take our furry children, housing on post is nonexistent or the wait time is ridiculously long.  

Owning your own home is a feeling unlike any other.  It can be freeing,(you can finally paint those walls in the dining room red) or it can be daunting – you’re the one that has to fix that leaky roof.

A home purchase is often the largest single investment people make.  Here are a few tax rules if you have taken the plunge to purchase a home and decided to rent it out because of a PCS move.   Continue reading

Don’t Leave Money on the Table – Check out these tax credits

Many taxpayers use their tax refund as a sort of forced savings.

As a tax professional, a return is near perfect to me when there is a refund of $100 or less.
   That means that the taxpayer has had full use of their money for the entire year rather than giving the government an interest-free loan.  I do understand the allure of a big refund check all at once, though.   Continue reading

The Reckoning – Time to face those tax documents

The beginning of February is almost like the first week of school or the new year for me.  Taxpayers start receiving their documents and my phone starts ringing with questions about what documents are needed and when can we meet.  My shelf will start to fill with work to be completed and staff will begin to have questions about what exactly to do with this information clients have sent in.  Anticipation starts to build and I make lists, on paper, in my head, and on the computer to prepare for the inevitable onslaught that will be coming in the next 10 weeks or so.

This filing season will be a bit tricky. There are rules that are in effect for 2017 tax year that will be gone for 2018.
 Some of those rules are set to return in 2025, others are gone for good… or until Congress changes their mind. Continue reading

Protect yourself from Tax Related ID Theft

This week I am dedicating space and time to sharing vital information from the Federal Trade Commission on Tax Related Identity Theft.  In my role as a tax professional I have seen mulitudes fall victim to these types of scams.

Take a look below at some valuable information from the FTC.

It’s Tax Identity Theft Awareness Week — Are You Ready?

 Ready for tax season? If you haven’t heard about tax identity theft, you may not be. Continue reading

Tax Related Identity Theft & Info from the FTC

Tax filing season opens today and that makes it open season for scammers that rely on unsuspecting taxpayers.  Over the last few years tax related identity theft has grown to epic proportions.  From impersonating IRS agents and threatening arrest to filing fake tax returns to get a refund, scammers are clever, creative and ruthless.

January 29th through February 2nd is Tax Identity Theft Awareness week and all week on social media I will be sharing information from the Federal Trade Commission about common scams and tips to help you if you fall victim like thousands, perhaps millions, of others.

Tax Scammers Target Might Target You: Here’s What to Do Continue reading

Are you ready for tax time?

Tax filing season is scheduled to start on 1/29/18.  Given the current government shutdown, that may or may not happen on time.  It is important to know that even though the government was shutdown on 1/20/18, there will be no extension of time to file or pay, except the regular form 4868 Extension to File (which is not an extension to pay).  

The biggest challenge I see for my clients in preparing for tax time is making sure they have all the information they need.  Here are three ways to get organized for tax season. Continue reading