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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Plano TX – What does the IRS Consider to be a Real Estate Professional and the Impact on Taxes

In this week’s installment in our series of taxation and investing in Real Estate we will discuss who qualifies as a Real Estate Professional in the eyes of the IRS and what does it mean to be a Real Estate Professional.   Generally, if I ask any taxpayer

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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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Plano TX – Tax Deductible Expenses for Real Estate Rental Properties

Last week we covered reporting Rental Real Estate activities on tax returns. This week we’ll give an overview of Expenses. Next week, we will cover depreciation separately and we will continue to cover various topics pertaining to Rental Real Estate over the coming weeks. In general, the

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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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Frisco TX – Requesting a CDP Hearing vs. An Equivalent Hearing to fight an IRS Levy

 If you owe the IRS, one of the most powerful enforcement tools of the IRS is the tax levy  Tax Levies include bank levies, wage garnishments, or other asset seizures. When taxpayer’s come into our Richardson, TX tax office and have received a Final Notice of Intent

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Dallas TX – Why Being in Currently Uncollectable Status with IRS Debt Might be the Perfect Time To File an Offer-In-Compromise

There are times when I have taxpayers come into our Richardson, TX tax office, who are experiencing difficult financial times, often through no fault of their own.  Perhaps they’ve had a death in the family, lost their jobs for an extended period of time, or have had

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