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Joel Jensen
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Taxes on a Flip
When it comes to flippers, there’s always one question: how do I minimize my taxes? The IRS classifies Real Estate professionals as either Investors or Dealers. The IRS views both differently. Dealers are normally taxed at their ordinary income tax rates (which caps out at 39%). Investors are usually taxed at Capital Gain rates (which …
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How to find and pick the right CPA?
CPAs are often trusted because of their accreditation, not because of what they can do. This sounds harsh but is simply the truth. Taxes for a business are not equivalent to personal taxes. Here are insider tips from a CPA on what to look for in a CPA: Knowledge about your area of business – …
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What is a Deduction and How Does it Really Work?
I’ve had clients who make 14 million dollars a year ask me this question and clients who made 14 thousand dollars ask me this question. Let me give you a phrase to remember. The phrase is simply “Ordinary and Necessary.” This is a phrase the IRS often uses during an audit. If a deduction was …
What is a Deduction and How Does it Really Work? Read More »
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Why, how, what to do? A guide to an audit.
Everyone has some form of tax anxiety. This anxiety can stem from the fear of audit, the unknown, or the amount paid in taxes. We have all heard the term innocent until proven guilty. That’s the society that we feel we live in. But with the IRS, it is the opposite. You are guilty until …
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How Does a Rental Affect My Tax Return?
The IRS has a special schedule on a tax return for rentals. A schedule is normally an appendage to either a business or a personal tax return. A Rental is reported on a Schedule E. This is where you can locate where your accountant took expenditures related to the rental. Rentals are usually tracked per …
