Frisco TX – When to Contact the IRS Taxpayers Advocates Service

The Taxpayer Advocate Service (TAS) is and independent organization within the IRS that was set up for the purpose to act as a voice for taxpayers.   While the existence of the TAS is not known by most taxpayers, it can be effective means of helping both businesses

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Frisco TX – Getting an IRS Lien Released Withdrawn or Discharged. What’s the Difference?

Many of the Taxpayer’s coming into our Richardson, TX tax office with IRS Debt have a Notice of Federal Tax Lien (NFTL) or are under threat of an NFTL.  As you’ve learned over the past few weeks, the Notice of Federal Tax Lien (NFTL) is a powerful

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Frisco TX – Will The IRS Subordinate their Lien Position on my Property? In some cases, absolutely!

Taxpayer’s coming into our Richardson, TX tax office with IRS Debt, often have to deal with Tax Liens. As you’ve learned over the past few weeks, the Notice of Federal Tax Lien (NFTL) is a powerful tool of the IRS and having an NFTL filed can wreak havoc over your

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Plano TX – Does Rental Real Estate Income Qualify for the QBI Deduction?

In December of 2017, the Tax Cuts and Jobs Act (TCJA) introduced a new “Qualified Business Income Deduction” (QBID) under IRS Section 199A. The QBID provided a deduction of up to 20% of qualifying income on the tax return and enable major tax savings to small business

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Plano TX – Loss Limitations for Real Estate Investors

In this week’s installment in our series of taxation and investing in Real Estate we will discuss allowable loss limitations on Real Estate Investments. Real Estate investing is well known as having the ability to generate non-cash losses that may be deductible against other income for the

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Frisco TX – Removing an IRS Tax Lien (NFTL) to Complete a Real Estate Transaction

When taxpayer’s come into our Richardson, TX tax office and have IRS Debt, IRS Liens are often the major issue they are working to resolve, either preventing a tax lien from being placed on their assets or removing an IRS Lien that exists. Over the past few weeks, we

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Frisco IRS Help – Preventing an IRS Tax Lien from Being Filed on your Home and Other Assets

Taxpayers who come into our Richardson, TX tax office with IRS Debt often have IRS Liens that are a major headache in their lives or are under threat of a lien which concerns them.  One of our major goals in working with taxpayer’s with IRS debt includes

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Frisco TX Real Estate – What To Do If My Client has an IRS Tax Lien on Their Property

When taxpayer’s come into our Richardson, TX tax office and have IRS Debt, IRS Liens are often the major issue they are working to resolve, either preventing a tax lien from being placed on their assets or removing an IRS Lien that exists. It’s much easier to achieve prevent one to

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Frisco TX – Why Married Taxpayers Should Consider Filing Separately

Typically, married couples file their Income Taxes using Married Filing Joint status without any thought. For most couples, the combined tax burden of the household will be lower when using Married Filing Joint (MFJ) status vs. using Married Filing Separately (MFS) status, so it makes sense to

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Plano TX – Reporting Real Estate Income on your Tax Return

Last week we covered the general rules around reporting rental Real Estate activities on tax returns.  This week we’ll begin to dive into more specific issues related to income tax reporting for Real Estate Investors, by covering the reporting of income on rentals.  Today, we’ll cover income

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