Taxes are what you pay to the federal, state and local governments where you live. Different types of taxes include income taxes, capital gains tax, sales tax, estate tax and real estate taxes such as property tax. Learn how to bequest property and do transactions in a way that will help you pay less taxes and follow the law.
Mortgage Fraud Cases: Selling House to Yourself
There are many mortgage fraud cases these days. Selling a house to yourself is considered mortgage fraud, which is illegal. Q: I just formed an S Corporation and I would like to raise some capital. Can I buy a house with my corporation at a good deal then sell it back to myself with a [...]
Real Estate History | Changes in the Real Estate Industry
A look into the real estate history and changes that have taken place in the real estate industry in terms of buying and selling your home. For the past twenty years, we’ve been chronicling the developments in the real estate industry in this weekly column. Boy, have times changed. Twenty years ago, the Internet didn’t [...]
Don’t Wait to Open a Separate Checking Account for Your Small Business
There is a lot of bookkeeping that has to happen when you first start a business. This is important not only so you can run your business successfully but also so that when tax season rolls around—or worse, you get audited—you have pristine paperwork to present to the IRS. As tax professionals, we help a [...]
Five Tips to Jumpstart Filing Your Taxes
This article was written by guest blogger Miranda Marquit. Are you a participant in the last-minute dash to the post office every Tax Day? Does the sprint to get your tax return post-marked by midnight stress you out each year? If so, break the cycle. Jumpstart the tax filing process and avoid the long lines. [...]
Ilyce Glink Show – Rebuilding American Homeownership with Tax Advice – March 3, 2013
WSB Radio’s Ilyce Glink Show. Rebuilding American homeownership; expert advice for paying taxes and getting tax deductions from the IRS. We are rebuilding American homeownership on WSB Radio’s Ilyce Glink Show, and today we will be talking about how to navigate this tax season and get every last deduction you are entitled to. I’ll provide [...]
Do I Need to Pay Taxes on My Loan Modification?
Want to know if you need to pay taxes on a loan modification? We answer a question about loan modification today. Q: I modified my home loan last year following my divorce at the end of 2011. My first new payment on the modified loan was at 3.1 percent, down from a 9 percent rate. [...]
Buying Tax Liens: The Risks of Tax Lien Investing
When buying tax liens, it's important to understand the risks of tax lien investing. Here are some tax lien pitfalls a tax buyer needs to know. Q: I’m interested in getting involved in property tax lien purchases in Queens, New York. It seems everyone I ask shies away from answering my questions. I’m hoping you [...]
Five Steps to Establish Your Small Business
Starting a business can be as easy as selling a ceramic bowl you created or having friends pay you to clean their house. If your product or service is good and you’re friendly and professional, chances are more people will want to hire you or buy your products. But what are the first steps you [...]
Seven Payroll Mistakes You Can’t Afford to Make
You will find many exciting new opportunities when starting your own small business. You’re taking your ideas and your passion into the marketplace, perhaps realizing a lifelong dream or making a lifestyle change. However, some aspects of running a business can take you away from your core focus. Still, they need to be done, and [...]
Tax Implications of Transferring Home Ownership
When transferring home ownership, be aware of the tax implications that could cost you a lot of money. Q: My brother wants to transfer ownership of his home into my name and I need to know what the tax implications are for him and me if we do this. He received a settlement from his [...]