by Bill Houston | Nov 14, 2016 | General Tax Info, Real Estate
Will I owe taxes when I sell my home? This is a very common question and I am happy to say that most people don’t owe taxes upon sale of a personal residence. So, let’s review the rules. Individuals are allowed to exempt up to $250,000 of gain and married...
by Bill Houston | Nov 10, 2016 | General Tax Info
With Trump as President and with a Republican House and Senate, there is likely going to be broad agreement on tax reform. Here is what appears to be likely, though proposals are somewhat fluid: The corporate tax rate will be lowered to as low as 15%. If this...
by Bill Houston | Nov 7, 2016 | General Tax Info
For small business owners, you should be aware that the IRS has moved up the filing due date for 1099-MISC forms that report non-employee compensation in Box 7. The new due date is January 31st, the same as the date the forms are supposed to be issued to recipients....
by Bill Houston | Sep 25, 2016 | General Tax Info
Well, I am getting tired of writing about these pfishing scams but the info needs to get out as new scams arise. We get calls here all the time regarding phone calls from scumbags professing to be from the IRS and demanding immediate payment, usually accompanied by a...
by Bill Houston | Aug 2, 2016 | General Tax Info
The overall audit rate is about 1 in 119 returns but this increases drastically with increases in income. The chance of audit for those making over $200,000 is 1 in 38 and for those making over a million, it’s 1 in 10. This compares to 1 in 132 odds for an...
by Bill Houston | May 23, 2016 | General Tax Info
Just read a story about a tax preparer in FL that was sentenced to 2 years in prison for preparing over 1000 false tax returns. Without the knowledge of any of the clients, he claimed over $3500 in fake tax credits on each of their returns. His marketing consisted...
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