INCOME TAX SERVICES

TAX RESOLUTION

Tax Resolution and Tax Relief are services designed to help taxpayers through the complicated task of resolving back tax problems. Taxpayers tend to seek help once they've ignored the problem so long that the IRS or state has lost all patience and decided to forcibly recover unpaid taxes.

RENTAL INCOME SCH E

7 tax benefits of owning rental property

• Operating expenses are deductible. ...

• Mortgage interest is deductible. ...

• You get a depreciation deduction. ...

• You can defer capital gains tax. ...

• Owner expenses are also deductible. ...

• You avoid FICA taxes. ...

• You can qualify for pass-through deduction.

FREE PREVIOUS TAX REVIEW

What is the importance of providing accurate information on an income tax return?

This is necessary to ensure that what the IRS is demanding reflects your actual obligation. It is possible that when you filed your tax returns you made a mistake that inflated your taxable income or that there was a clerical error when the IRS entered your return.

DEPRECIATION

Should you depreciate rental property?

Are you required to take depreciation on rental property? In short, you are not legally required to depreciate rental property. However, choosing not to depreciate rental property is a massive financial mistake. It's the equivalent of pouring a percentage of your rental property profits down the drain.

CORP TAXES -SCH C

Whats the difference between an S-Corp and a Schedule C?

C corporations pay tax on their income, plus you pay tax on whatever income you receive as an owner or employee. An S corporation doesn't pay tax. Instead, you and the other owners report the company revenue as personal income.

CRYPTO CURRENCY

Do I need to report cryptocurrency on my taxes?

Yes, your Bitcoin, Ethereum, and other cryptocurrencies are taxable. The IRS considers cryptocurrency holdings to be “property” for tax purposes, which means your virtual currency is taxed in the same way as any other assets you own, like stocks or gold.