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  • Tax Ramifications for Separated Spouses

    When spouses have legally separated, it is important to ensure that the taxes are filed appropriately for each individual or as a couple if one party is dependent on the other. The ramifications of filing with the wrong data or supplying the Internal Revenue Service with incorrect information could lead to penalties, additional fees and possibly criminal charges.

  • Reduce Your Taxes before the End of the Year

    Prudent taxpayers can reduce their tax burden or increase their tax refund by taking some last-minute steps before the end of the calendar year.

  • New FAR Regulations on Tax Delinquencies and Felony Convictions

    Federal Acquisition Regulation are necessary when contracting a business with the federal government, but if there are tax delinquencies, the company may face felony charges for the owner or management. Additionally, the FAR may prohibit the ability for a company to seek a government contract when there are outstanding tax delinquencies or previously held felony convictions.

  • What Is a 1031 Exchange in Tax Law?

    A 1031 exchange per the Internal Revenue Service is a tax law that permits an investor to carry over any capital gains accrued from real estate investment opportunities to new investments once the like exchange has been purchased. The individuals that take advantage of these exchanges are able to ensure taxes are bypassed through these investments.

  • What are My Options if I Can’t Afford to Pay My Taxes?

    Paying taxes is difficult for individuals that work as independent contractors, freelancing and when they own a small business. However, there are options available to these persons that make paying taxes less difficult, and it is important to reach out when there are any problems in completing the task of paying federal or state taxes.

  • Deducting Real Estate Losses against Other Income When Preparing Taxes

    Reducing and eliminating additional fees, expenses and taxes is important when someone owns property, has invested in real estate and is involved in similar situations. When preparing taxes, the individual may deduct real estate losses depending on what they are, how much and if they’ve already been counted for another situation.

  • Tax Benefits of Using an LLC in Real Estate Transactions

    Real estate transactions are often complicated when attempting to avoid taxation, and using a limited liability company could assist the owner in acquiring benefits for taxes. It is important to ensure the LLC and all other considerations are fully understood before progressing through these plans, and a lawyer is of great help to avoid violations.

  • IRS Issues Extended Tax Deadlines for Disaster Victims

    When disaster strikes, the federal government and certain agencies take notice and attempt to make these issues better in some manner for those affected. When floods, tsunamis, fires and similar natural disasters or manmade problems arise, it is necessary to ensure that citizens within the country are taken care of and provided for.

  • Section 1031 and How It Can Help Avoid Capital Gains Tax

    Capital gains taxes are one way to trap money into an investment which requires special processes to free the capital without penalties issued or fees accrued. In order to avoid these penalties and ensure the entire amount is provided, it is important to utilize the ways around these problems, and there are several paths to do so for the owner of the investment.

  • OVDP Willful or Streamlined Non-Willful: IRS Offshore Disclosure Basics

    In determining whether you should enter the traditional Offshore Voluntary Disclosure Program (OVDP) or the newly implemented IRS Streamlined Filing Compliance Procedures, one of the most important determinations to make is whether you believe your actions were willful or non-willful. the first step in determining which IRS Offshore Tax Amnesty Program you should pursue.

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