Options Trading.

Options Trading.

Investment Strategy. Options. Important. This post is NOT investment advice. Investments in Etrade options are NOT FDIC-insured and may lose value all the way to $0. Buying puts/shorting a stock has severe or unlimited risks.  Day trading option has very big leverage and serious potential to profit (or to lose money). One of my favorite strategies […]

What is new in 2020 tax filings?

What is new in 2020 tax filings?

What is new in 2020 tax filings? How to get your $1,200 & $600 rebate

Filing 2020 Taxes

Filing 2020 Taxes

Filing 2020 taxes. See what you can deduct in 2020

Am I Being Audited?

Am I Being Audited?

You can be audited by: mail,you visiting an IRS office,the IRS visits your office. What are your options: you can agree with the audit opinionrespond with a written protest (file an Appeal) https://www.irs.gov/appeals/preparing-a-request-for-appeals    More information about the appeal request You may submit a Small Case Request if the entire amount of additional tax and […]

Will My Wrong Tax Return Be Flagged by the IRS and Possibly Charge me Criminally?

As not that many people know, a lot of people and companies work in the business of bringing whistleblower case to the IRS and get paid well doing it. People always need extra money and especially extra big money. There is never enough money no matter how much you have. Why can others cheat the system while […]

Section 199A -Qualified…

Section 199A -Qualified Business Income Deduction Section 199A -Qualified Business Income Deduction What business are eligible: available to individuals with Qualified Business Income C-Corporations and pass-through entities are not eligible. Qualified Business Income may be generated by Sole proprietors S-Corporation partnerships trusts estates and reduced by self-employment tax, self-employed health insurance, contributions to retirement plans, etc Real estate ? […]

S-Corp Reasonable…

S-Corp Reasonable Compensation ins and out There is a lot of misconception on how to pay yourself that Reasonable Compensation when your company is an S-Corp. There is a big struggle to navigate between how much taxes you want to pay and how much you should pay. The struggle to prove to the IRS that the compensation you are paying yourself is reasonable is […]

HSA as a Tax…

HSA as a Tax Savings Strategy. Tax Saving Strategy I?m sure you have heard of HSA as a tax savings strategy.Now, let?s talk more about it, in case, you missed out on the key benefits of it.Let?s start by saying that a Health Savings Account (HSA) is a tax-advantaged (pre-tax) savings account. Its purpose is […]

Financial Planning…

Financial Planning Doesn?t Start One Day Before the April 15th Tax Filing Deadline. Financial Planning Financial Planning Doesn?t Start One Day Before the April 15th Tax Filing Deadline. Is it April 15th and you are dragging your tax files to your accountant, thinking, ?I wish I put money in a retirement account this year so […]

Foreigners Investing…

Foreigners Investing In Real Estate in the US Tax Implications When Foreigners Investing In Real Estate in the US The tax would be reported to the US because the property is located in the US. Under the treaty, it states ARTICLE 6 Income from Real Property1. Income derived by a resident of a Contracting State […]

Real-estate Exchanges

Like-Kind Exchanges As you already know, the Tax Cuts and Jobs Act removed personal property from the deferred tax treatment for like-kind exchanges. In most real-estate exchanges some amount of personal property is still included. Likely, there is a proposed regulation that states that if the personal property was transferred together with the real estate […]

The IRS has incr…

The IRS has increased the number of audits they perform regarding foreign accounts. Cryptocurrency Profit and Tax to the IRS The IRS has increased the number of audits they perform regarding foreign accounts. As you may already know, if you don?t report your foreign accounts, you will be subject to very severe penalties from the […]

Tax Deductions…

Tax Deductions For a Business Business Tax Deductions: Home Office Deduction. According to the IRC 26 U.S. Code ??280A, https://www.law.cornell.edu/uscode/text/26/280A home-office must be in connection with your trade or business (or with your income-producing activity) (1)Certain business use Subsection (a) shall not apply to any item to the extent such item is allocable to a portion of the dwelling unit which […]

Meals and Entert…

Meals and Entertainment Deduction Meals and Entertainment are surprisingly under-explained.  Let?s start with the basics: https://www.law.cornell.edu/uscode/text/26/274 explains the basics of what can be deducted https://www.federalregister.gov/documents/2020/02/26/2020-03723/meals-and-entertainment-expenses-under-section-274  explains in details  https://www.ustaxcourt.gov/UstcInOp2/OpinionViewer.aspx?ID=11982  Court Case Fitch v Commr. Court Case The IRC explains the basics: Business meals In general, No deduction shall be allowed under this chapter for the expense of […]

Taxpayers? Tax…

Taxpayers? Tax Problems Can Be Avoided With A Timely ?Heads-up? from VirtTax Inc. What to do when you receive CP2000? When the IRS sends out CP2000 letters, they explain in detail what the taxpayer needs to do to resolve the issue. CP2000 proposes a tax due and the taxpayer either agrees or disagrees with the […]

Protect Your Family…

Protect Your Family From Your Tax Problems As you already know, not filing taxes when you are required to, is a Federal Misdemeanor. Paying taxes is not optional in the US. IRS doesn?t forget unfiled tax returns. Taxes don?t just go away. IRS may send you a CP2000 this year. This may happen if the IRS sees that […]

Will The IRS Forget…

Will The IRS Forget My Unpaid Taxes? Most of us are tempted to save money. We work very hard to earn it and we don?t want to give it away to the government, no matter how much they claim they use it for our benefit. We never see any receipts from the government where your […]