17531167 – irs card on desck with tax files Read news release IR-2024-47, Feb. 21, 2024 – https://www.irs.gov/newsroom/interest-rates-remain-the-same-for-the-second-quarter-of-2024 WASHINGTON — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning April 1, 2024. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. […]
Great Advice From A Great Source IRS has an amazing Tax Tip email service. Real estate people should study them and use them as handouts to your clients. This is information from the source. I would register for their tax tip email and then google IRS TAX TIPS ARCHIVES to check what has been sent […]
It’s In The Details The standard rate will increase to 58.5 cents per mile, an increase of 2.5 cents. If you use the standard rate, you must reduce the basis of your ride by a depreciation component of $.26 a mile. So keep that detailed log. Business vehicle expenses are an IRS red flag like […]
The IRS, Your IRA’s, and You Congratulations, you will be 72 this year. You probably realize that you will be asked to start taking money out of your IRA’s this year. Yes, that IRS regulation that most Senior Citizens hate with a passion. You have to take money out (not Roth IRAs of course) and […]
IRS Resources The IRS (Internal Revenue Service) has a lot of resource material for so many aspects of business. Take advantage of them. One I recently discovered concerns problems in protecting client’s data and avoiding lawsuits, loss of money and penalties from different agencies. This specific guide is one that I recommend. It is written […]
“Taxation with representation isn’t so hot either.” — Gerald Barzan, humorist “Income tax has made more liars out of American people than golf.” — Will Rogers “The hardest thing in the world to understand is income tax.” — Albert Einstein “I am proud to be paying taxes in the United States, but I could be […]
Tax Tip Service IRS has an amazing Tax Tip email service. Real estate people should study them and use them as handouts to your clients. This is information from the source. I would register for their tax tip email and then google IRS Tax Tips Archives to check what has been sent out in previous […]
It is believed that citizens have come to realize this and fudge their returns. You think?. There is a proposal to give IRS an extra $80B this year and recoup over $700B dollars from wayward citizens. A 900% return on the investment. Sounds good to me. With all the new changes there is so little […]
Tax-Related Provisions in the Coronavirus Aid This was prepared by my tax professionals at Norwalk Business Service. Great information and great links. For more information visit Tax-Related Provisions in the Coronavirus Aid
History of IRS Form 1040 A reader of my emails, Jonathan Hubbell, was generous enough to send me a most interesting form. He is a Broker Associate at First Team Real Estate in Mission Viejo. The form was the very first IRS Form 1040. He properly corrected a statement that I had made that Income […]
