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5 Easy Steps to File Your 1099’s….Guaranteed

Posted in Tax News on January 6, 2013

It’s time for business owners to file their 1099’s. Here are 5 Easy Steps to do this: 1) Determine who you will be Required to File a 1099 For Form 1099 is due to any independent contractor who is unincorporated…

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When (and How) to Declare the Sale of Your Primary Residence

Posted in Tax News on August 21, 2012

Recently a new client came to us.  The Internal Revenue Service (“IRS”) was looking for $262,532 in back taxes.  This was from the sale of their home two years ago. Form 1099-S Reporting Requirements Attorneys that handle real estate closings…

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3 Reasons to Recognize Capital Gains in 2012

Posted in Tax News on July 3, 2012

1) The Long-Term Capital Gains Rate is Going Up Long-term capital gains are for capital assets held longer than a year. Capital assets include stocks, bonds and mutual funds. Collectibles and certain Real Estate are subject to special rules.  The…

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Rental Property Owners Get Relief from 1099 Reporting Requirements

Posted in Tax News on November 28, 2011

Originally under the Small Business Jobs Act, those who received rental income from real estate were going to be considered, to be engaged in a business, and were going to be subject to the requirements to issue 1099 information returns. …

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The 5 Most Common Itemized Deductions

Posted in Tax News on September 8, 2011

Mortgage Interest—Many taxpayers can deduct their mortgage interest on their residence.  However, there is a limitation on this.  The interest on a primary residence can only be deducted on up to $1,000,000 mortgage and $100,000 line of credit.  Points paid…

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