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Like-Kind Exchanges
Like-Kind Exchanges As you already know, the Tax Cuts and Jobs Act removed personal property from the deferred tax treatment for like-kind exchanges. In most real-estate changes some amount of personal property is still included.? Likely, there is a proposed regulation that states that if the personal property was transferred together with the real estate…
Can’t Pay Your Taxes?
What To Do If You Can’t Pay Your Taxes? Let’s say you got a letter from the IRS and you are shocked, of course. Well, first of all, breathe and open it. Second, read it carefully. Let’s say this is the first letter the IRS has sent you. It is most likely just a bill…

What is new in tax filings for 2020 tax period?
IRS tax forms change all the time. The most beneficial way to find the latest forms is: IRS.gov/latestforms IRS.gov/allforms IRS.gov/draftforms IRS.gov/formchanges IRS.gov/formsupdates Sometimes forms are not updated by the April 15th. You can view a draft of the form to see approximate expectations of what might be new and changed. For example, in 2018 form…

Renewing ITIN
If your ITIN has expired and you will be filing a federal tax return, you merely need to renew it. The CP565 ITIN Assignment notification contains the ITIN assignment date. If you’ve lost your CP565, call 1-800-829-1040 or 1-267-941-1000, meet the requirements for an ITIN and submit a complete application.
What’s New at Qualified Business Income Deduction?
Section 199A -Qualified Business Income Deduction What business are eligible: available to individuals with Qualified Business Income C-Corporations and pass-through entities are not eligible. Qualified Business Income may be generated by Sole proprietors S-Corporation partnerships trusts estates and reduced by self-employment tax, self-employed health insurance, contributions to retirement plans, etc Real estate – taxpayer chooses…

Tax Advantage To Reduce Taxation of Your Retirement Account.
Your retirement account is not always what you will get into your pocket when you withdraw the money. The actual real value of your retirement account depends on many factors. Is it pre-tax? Is it after-tax? What is your tax bracket? Do you owe the IRS back taxes? What is the market risk of your…