by Bill Houston | Feb 7, 2020 | Cryptocurrency
The IRS is beginning to aggressively pursue taxpayers with virtual currency transactions. Some of you may have received a letter from the IRS with varying degrees of threats regarding tax returns filed that show no virtual currency (bitcoin type) transactions when...
by Bill Houston | Feb 2, 2020 | Reduce Your Taxes
You might recall that the deduction for mortgage insurance premiums died as of Dec 31, 2017. You weren’t allowed to claim those premiums as part of your 2018 itemized deductions. Many people missed this because the doubling of the standard deduction (from $6000...
by Bill Houston | Jan 27, 2020 | Business Deductions, Reduce Your Taxes
There are a number of reasons to convert your business to an S Corporation but the most common is to reduce self-employment (SE) taxes. Any one operating their business as a sole proprietorship or an LLC taxed as a disregarded entity (fancy way of saying sole prop) or...
by Bill Houston | Jan 17, 2020 | Business Deductions, Uncategorized
A home office can eliminate the ‘commuting’ portion of your trip, adding additional deductible business miles each day. Is it worth it? You bet. An additional 30 mile round trip can add up to over 4000 additional deductible business miles a year worth...
by Bill Houston | Dec 23, 2019 | IRS Debt Resolution
Unfiled tax returns are a common occurrence. Often they come to light when a taxpayer tries to get a mortgage and 2 years of tax returns are needed for the loan application. Sometimes they come to light when an IRS letter is received. Sometimes people just want to...
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