Is a property a dealer or an investor property if you buy it, fix it up, and then sell it? The distinction between dealer and investor property is based on facts and circumstances, and it's a difficult distinction to make. However, if you only do it once in a while, the property may appear to be an investor's property. Please don't hesitate to contact us, if you're thinking about buying an investment property and have tax problems.
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The IRS identified $43,886 in taxes due, a $10,072 penalty for failure to file, and a $1,754 tax penalty based on the 1099s cashed checks. If you are having trouble getting your tax information together to complete your return, please don’t hesitate to contact us.
A bookkeeper embezzled more than $800,000 from their employer and failed to remit employee withholding taxes. If you own and are active in the business, you are personally responsible for making sure that the payroll taxes are paid. Examine your account with the IRS. If you would like to discuss your payroll, please contact us. If you're married, there are three particular restrictions to know about Section 179 deductions. Even if you file separate returns, you must treat yourself as one person for Section 179 restrictions.
Tax rules affect the amount of money you can deduct from your travel expenses. Traveling to or returning from a destination outside the Business days are important in determining how much of your travel cost you may deduct. If you have questions about your business travel, please don't hesitate to call us.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances. AuthorKeana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients. |