If you've been considering making some changes to your rental property investments, one of the things you should understand in advance is the benefit of using a 1031 tax exchange in the process. For those rental and investment property owners who have never sold one of those properties before, the process may be foreign or even completely unheard of. Before you make any changes to your portfolio, here's a look at some of the things that you need to understand. [Read More]

Are you getting an amicable divorce? While you may have a number of things to work out right now, one item that should be on your agenda is a consultation with a tax preparer. What can they help you both with? Here are a few key things. 1. Determining How to Split Credits. For parents in particular, the use of tax credits and deductions can mean significant money. The Child Tax Credit, dependent deductions, and education credits all add up, and both parents need to come to an agreement about how they will be split our used from year to year. [Read More]

If you have tax debt, you can't just ignore it. Your tax debt will not disappear, and the last person you want to owe money to is the IRS. However, there are essential steps you need to take to address that debt when it comes to tax debts. #1: Don't Ignore It First, you don't want to ignore the issue. Not paying your tax debt can have serious consequences, as the IRS has the ability to add lots of penalties to what you owe, greatly increasing your debt. [Read More]