Let's talk TAX

You may be wondering if there are tax deductions when selling a home. Welp the answer is: Yep Yep! So, you might remember way way back to 2017 and its new tax code, aka the Tax Cuts and Jobs Act TCJA, changed some rules for homeowners. Well, if you sold your home in 2024 (or are planning to in the future), your tax deductions can still amount to significant savings. Want a full rundown of all the deductions and exemptions or other write-off at a home seller’s disposal? Keep reading to make sure you don’t miss any of them! Selling Costs/Expenses These deductions are allowed IF they are directly tied to the sale of the home AND you lived in the home for at least two of the five years preceding the sale. Another caveat: The home must be a principal residence and not an investment property. Abstract fees (abstract of title fees) Charges for installing utility services Legal Fees             -   title search           ...

  Getting married can have significant tax implications for you and your spouse. Here is what you need to know about tying the knot and how it can affect your finances: 1. Filing status: When you get married, you have the option of filing your taxes jointly or separately. Filing jointly can often result in lower tax rates and higher deductions, but it's important to calculate the tax liability for both filing options to determine which is best for you. 2. Standard deduction : The standard deduction is higher for married couples filing jointly than for single filers or married couples filing separately. This can result in a lower tax liability for married couples. 3. Income tax rates : Income tax rates for married couples are often lower than for single filers or married couples filing separately. This can result in a lower tax liability for married couples. 4. Personal exemptions: Personal exemptions were eliminated with the Tax Cuts and Jobs Act, but in previous years, m...

  3 Things You Can Do... To make your Accountant happy at tax time ☺ Want to be your accountant’s favorite client? (Well, even more than you are now, of course) The key is to take a bit of time now to start preparing for your tax return appointment, so your accountant has everything they need, when they need it, to complete your return.     Of course, as a favorite client, you already know that the days of dropping off a shoebox of receipts and tax documents at the front desk…waiting for a call to let you know you forgot such-and-such documents…stopping by to drop off the missing info…waiting for the call that your return is done…then stopping in to pick up the finished return, is in the past. (Thank goodness, right?) Today’s financial world has evolved to a near-breathtaking level of efficiency and digital delivery. So much, in fact, that you don’t even have to drop the information off in person anymore.  And that is exactly what some firms prefer.😁    ...

  If you're a successful business owner in the health and wellness space and you owe the IRS $30,000 or more, it can feel like you’re drowning in silence. You’re managing your brand, your team, your clients... all while pretending this massive tax problem doesn’t exist. But here’s the truth: the IRS isn’t going to tell you your options. They’ll send letters, stack penalties, and let the pressure build. But they won’t tell you what I’m about to. As a tax representation specialist and Enrolled Agent, I’m here to help clients settle tax debts, and for some, for far less than what they owe. I want you to know that this is not the end of your business. In fact, this could be the beginning of finally taking control of your finances. Here’s what the IRS won’t tell you: You may not have to pay the full amount. Programs like the Offer in Compromise or Partial Pay Installment Agreement exist to help taxpayers who genuinely cannot pay their full debt. You h...

 Scary IRS Letter? Here’s Your 5-Step Action Plan You just got a letter from the IRS. Your heart dropped. You’re wondering if your account is about to be frozen, your business is in trouble, or if someone’s about to show up at your door. Before you panic, PAUSE 😌 The truth is, IRS letters can be scary, but the letter doesn't always mean immediate action. On the other hand,  ignoring them is the worst thing you can do. Here’s what to do as soon as that letter hits your mailbox: Open the letter. I know it’s tempting to throw it aside, but unopened letters lead to missed deadlines and that can cost you for sure. Look for the letter number. Is it a CP14 (balance due)? An LT11 (intent to levy)? Each notice means something different and knowing which one you received will help us figure out the next step . Get your documents in order . Pull your tax returns , proof of income, business expenses, and any previous IRS correspo...

  🚨 Got IRS Letter 11? Here’s What It Means and Why You Shouldn’t Ignore It If the IRS sent you Letter 11, LT11, you’re officially on the clock. Ignoring it could cost you your paycheck, bank account, or even your peace of mind.   What is IRS Letter 11? This letter is a final warning before the IRS takes collection actions like levying your bank account or garnishing your wages. It lets you know the IRS intends to seize your property or rights to property.   What Happens If You Ignore It? Failure to respond will result in levy action from the IRS.   They can claim right to your wages or bank accounts up to the amount owed in back taxes . The IRS may also file a Notice of Federal Tax Lien, which is a public notice to your creditors that the government has a right to your interests in your current assets and any assets you acquire in the future. Ignoring this notice can affect your ability to obtain a new passport or renew your current passport as well...