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Home · Property Management · Tax Tips (Page 2)

by Thomas F. Scanlon, CPA, CFP® Its time for business owners to file their 1099’s. Here are 5 Easy Steps to do this: 1) Determine who you will be Required to File a 1099 For Form 1099 is due to any independent contractor who is unincorporated and you pay $600 or more to in a…


by Thomas F. Scanlon, CPA, CFP® There are a host of reasons small business owners should meet with their CPA. Here are 6 of them: 1) Method of Accounting Smaller business can usually file their tax returns on the cash basis of accounting. The taxable income is based on the revenue received less the deductible expenses….


In the aftermath of Hurricane Sandy, the Internal Revenue Service announced additional tax relief to affected individuals and businesses. Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in Connecticut, New Jersey and New York will receive tax relief. Other locations may be…


The country is facing a pending fiscal cliff which will result in significant tax hikes in 2013 unless Congress takes action to avoid it. This fiscal cliff will result in $7 trillion worth of spending cuts and tax increases. In advance of these tax increase and with end of the 2012 tax year approaching, experts…


by Thomas F. Scanlon, CPA, CFP® 1) Maximize Your Contributions to Your 401(k) Plan Many employers will offer a 401(k) plan. Employees need to take advantage of this plan. This will likely be one of the cornerstones of your retirement plan. If your employer offers a match, you really need to participate in this plan…


by Thomas F. Scanlon, CPA, CFP® 1) Two Simple Questions That Taxpayers Will Need to Answer Carefully This Year Two simple questions were added to the income tax returns last year.  These were: “Did you make any payments in 2011 that would require you to file Form(s) 1099?” “If “Yes,” did you or will you…


by Thomas F. Scanlon, CPA, CFP® Half of the year is almost over.  Don’t wait until the end of the year to do your planning. It’s time for your Mid-Year Tax Review. 1) Review your withholding.  Review your prior year income tax return for the income tax paid. Check your year-to-date paystub to see if…


by Drew Miles Everyone wants to be financially free or as Robert Kiyosaki states, “to get out of the rat race”. As Real Estate Investors or full time self-employed entrepreneurs, we pay taxes often and in large amounts. I encourage clients to avoid using what some would say are tax scams but instead reduce their…


Changes will require landlords to be more careful about records and bookkeeping The Treasury Inspector General for Tax Administration issued a report in December 2010 recommending increased scrutiny of tax returns with rental real estate activity, estimating that the change could recover over $27 million in lost revenue over 5 years. The audit was conducted…


by Thomas F. Scanlon, CPA, CFP® If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. This type of debt includes mortgages, credit cards, car loans and student loans. Lenders are required to send Form 1099-C, Cancellation of Debt, when they cancel any debt…

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