What factors determine tax preparation cost? Like any other business, one of the most common questions we get is about cost. Obviously, it varies by complexity of the return. If you’re wondering what affects your tax preparation cost, watch this video: Ways different tax preparers charge Per hourly fee (sometimes the fee is different depending […]
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Tax Deductions for Rental Property
What tax deductions for rental property can I take? The video below shares a list of deductible items for Schedule E (Rental Property). Generally, the largest tax deductions for rental property are: • Mortgage Interest • Real Estate Taxes • Homeowner’s Insurance • Cleaning and Maintenance • Repairs • Management Fees • Depreciation Mortgage Interest […]
Difference Between Hobby and Business
What is the difference between hobby and business when it comes to taxes? Many wonder, “Is My Business a Business or Hobby?” When it comes to filing your income tax return, you need to know the difference between hobby and business. The video below shares some things to consider about the difference between hobby and […]
IRS Letter or Notice
When you receive an IRS letter or notice . . . What to do? What not to do? This video will share what to do (and not do) when you get an IRS letter or notice: First of all, here are some things not to do when you get an IRS letter or notice: Hide […]