what the self-employed should expect at tax time

Exploring The Pros And Cons Of Rental Property 1031 Tax Exchanges

Purchasing and selling rental properties is a great way to build your wealth and create passive income. However, the sale and purchase of rental properties can also leave you with quite a significant tax liability at the end of the year. This is why many real estate investors choose to take advantage of tax break opportunities such as 1031 tax exchanges. Below you will learn more about this particular opportunity to defer the taxes from the sale of one of your rental properties by examining both the pros and cons that come along with the use of a 1031 tax exchange.   Read More...

Ways Issues With The IRS Are Resolved With The Help Of A Tax Resolution Specialist

Owing the IRS money for back taxes and fees can be a scary situation. Hiring a tax resolution specialist may be a good way to find some peace of mind. Here are a few ways issues taxpayers tend to have with the IRS can sometimes be resolved with the help of one of these professionals.  The specialist negotiates an installment plan to pay old tax debts.  The number one thing the IRS cares about is getting the money that they are owed from the people that owe them money, even if that means they have to work with you to set up an installment plan to pay past-due debts.   Read More...

3 Ways To Make Sure You Don't Fall Behind On Your Property Taxes

Falling behind on your property taxes is one of the worst things you can do as a homeowner. If you get behind and are not able to catch up quickly, the municipality will place a tax lien on the property, which will make it really hard to sell. Some people fall behind on their taxes because they face financial hardship, such as a job loss or major medical incident. But other times, they fall behind purely on accident because they're forgetful or don't schedule the payments.   Read More...

Self Employed? 3 Tax Tricks To Keep In Mind

As a self-employed individual, doing your taxes can be a little tricky even if you keep things simple. #1 Keep Track of the Right Deductions You need to keep track of all the right financial information for your deductions. As a self-employed individual, there are numerous types of items you need to keep track of so you can deduct the cost later. Health Insurance Premiums To start with, you can deduct your health care insurance premium.   Read More...

3 Common Mistakes Sole Proprietors Make On Their Taxes

Do you run your own business? There are many ways you can set up your business, but a sole proprietorship is often the simplest, especially if you don't have employees or complicated business arrangements. As a sole proprietor, you can file your business taxes on your personal return. That can simplify the reporting process and make it easier for you to file your returns. However, even if you file as a sole proprietor, there are still a few tax complications to consider.   Read More...