Bob Jablonsky & Associates Tax Resolution Blog

What To Do When You Owe The IRS!

Unfortunately, real estate agents and other small business owner’s and independent contractors sometimes find themselves in a situation where they owe the IRS.  This can be a result of not making estimated tax payments timely or as the result of an unfavorable...

How to Document Deductions to Pass an IRS Audit

In a previous blog, I mentioned that as a Real Estate Professional, you file Schedule C, the Tax Form that is the form most audited by the IRS.  The IRS has found that Schedule C’s contain a large number of errors compared to other forms and finds that they are...

The IRS Only Has 10 Years to Collect a Tax Debt?

Many taxpayers who owe the IRS believe that they will owe the government forever.  However, that’s not true.  The IRS only has 10 years to collect a tax debt once the tax is assessed, assuming that there are no actions taken by the taxpayer to stop...

Real Estate Agents – How to Handle an IRS Audit!

As a Real Estate Professional, did you realize that you are required to complete a Tax Form  that is the form most audited by the IRS?  That’s right, as independent contractors, most Real Estate Agents file a Form Schedule C.  The IRS has found that...

6 Options When The IRS Threatens a Tax Lien

When a Taxpayer owes the IRS, one of IRS's most powerful tools is the Notice of Federal Tax Lien (NFTL).  In this article, we’ll discuss some actions you as a taxpayer can take if the IRS is threatening you with an NFTL. Six Options for a Taxpayer under Threat of...

Bookkeeping Basics Every Realtor Should Know

While you tax Professional should be able to provide advice on deductions that are available to you, it is you as the Real Estate Agent or broker to understand the concepts of Bookkeeping for Realtors.  They understand tax law but they don’t know what is going on...

You Need to File Your Taxes Timely!

Every year, millions of taxpayers don’t file their Federal income tax return on time even though its rarely a good idea.  Why does that happen and what are the consequences of not filing a tax return? Why don’t Taxpayers file timely? There are a number of reasons...

Home Sale Tax Exclusion for Realtors

Most real estate sales involve the selling of personal residences.  The question of whether the profit on the sale is taxable often not only comes up to me as a tax professional, but I also find that Realtors get that question as well from potential...

The IRS CP504 Notice. What is It?

The IRS has recently began sending out a barrage of CP504 Notices to Taxpayers with tax debt.  It is typically sent by Certified Mail and states Notice of Intent to seize (levy) your property or rights to property.  It’s an important notice for several...

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