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Five IRS Audit Mistakes To Avoid

Building Savvy

Five IRS Audit Mistakes To Avoid
The IRS audits about 1 million taxpayers each year. While the agency is understaffed, that doesn’t mean you’ll slip through the cracks. IRS software automates the selection process now by flagging returns that show abnormalities: Perhaps the return deviates from what’s normally filed, or it’s been linked to a family member, investor, or business partner who is being audited. Also, the more money you make, the more likely you are to be audited.

5 IRS Audit Mistakes to Avoid

Shavano Living

5 IRS Audit Mistakes to Avoid
The IRS audits about one million taxpayers each year. While the agency is understaffed, that doesn’t mean you’ll slip through the cracks. IRS software automates the selection process now by flagging returns that show abnormalities: Perhaps the return deviates from what’s normally filed, or it’s been linked to a family member, investor, or business partner who is being audited. Also, the more money you make, the more likely you are to be audited.

Small Contractor Tax Relief: Do You Qualify?

Building Savvy

Small Contractor Tax Relief: Do You Qualify?
If you’re a small business contractor with annual gross receipts averaging $25 million or less in the past three-year period, the recent tax changes may have given you a valuable leg up. The small contractor exemption threshold has increased for the first time since 1986, allowing more building contractors to pick the accounting option that works best for certain long-term contracts, inventory expenses, and other capitalized costs.

Surprising Taxes On Alernative Investments

Shavano Living

Surprising Taxes On Alernative Investments
As your net worth grows, your financial advisor may suggest diversifying your portfolio with alternative investments. These assets can include gold and real estate. Cryptocurrencies are another emerging investment area. The amount you invest and how you invest in these alternative areas, however, can affect your taxes in surprising ways.

Passing Down Your Family Business

Building Savvy

Passing Down Your Family Business
If it’s the latter, emotions can further complicate matters. Family business owners are often caught without a safety net when the sons or daughters they always envisioned running the business one day are either unwilling or unable to do so.

Retiring and Your Taxes

Building Savvy

Retiring and Your Taxes
If you’re planning on retiring soon, congratulations! Enjoy and celebrate, but also take some time to understand how retiring right now will influence your future tax returns.

Retiring & Your Taxes

Shavano Living

Retiring & Your Taxes

While taxes, in general, are a constant, tax codes are ever changing. Each year presents a different set of tax implications when it comes to retirement. If you're planning on retiring soon, congratulations! Enjoy and celebrate, but also take some time to understand how retiring right now will influence your future tax returns. 

Real Estate Investments and Your Taxes

Shavano Living

Real Estate Investments and Your Taxes

Do you invest in commercial real estate? You don't need to be a mogul to do it, and certain tax advantage can make it worthwhile. Some recent tax changes should be noted, however, even for those who aren't new to investing in commercial real estate as part of their portfolio. 

How Hobbies Get Taxed

Shavano Living

How Hobbies Get Taxed

Hobbies are a great distraction from the hustle and bustle of work. If you're retired, they can be equally fulfilling. Over time, some of us become so good at our hobbies that they start providing income for us. How many gardeners, crafters, bakers, woodworkers, photographers, and other hobbyists do you know who have found an extra source of income doing what they love? Are you among them?

Don't Overlook The R&D Tax Deduction

Building Savvy

Don't Overlook The R&D Tax Deduction
Maybe you’ve been challenged to build stronger, lighter, faster, or more environmentally friendly, energy efficient, or automation-enabled. Perhaps the architectural design of the home is unique and requires outside-the-box building techniques or materials. Or maybe you’re building near an Interstate and have a new idea for sound-proofing.
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