6 Easy Steps to Navigate an IRS Audit and Save You (Tax) Money

September 11, 2012 Tax News 1 Comment Print this page Share

1) Determine if this is an IRS Field, Office or Correspondence Audit

With a Field Audit, the audit will be done at your place of business. Most taxpayers requests that the audit be moved and done at your CPA's office. The auditor however still has the right to visit your office.

In an Office Audit, the audit will be done at the local IRS office. … Continue reading »

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3 Reasons You Likely Won’t Pay Income Taxes When You Sell Your Home

July 10, 2012 Tax News 0 Comments Print this page Share

1) You Don't Have a Capital Gain

 

Due to the housing market, many homeowners no longer have a gain in their home. A gain is the sales price minus the cost basis. The cost basis is generally the purchase price of the property plus improvements. Improvements would include things like a new roof, new heating system or a deck being added to the home. Unfortunately many people … Continue reading »

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