Over the past year, since the onset of COVID, the IRS has taken a very hands off approach to tax items.  However, that is beginning to change.  Late in 2020 we began to see the IRS filing Notice of Federal Tax Liens (NFTLs) on taxpayers with IRS debt and we expect that to begin even more prevalent as taxpayers emerge from the pandemic owing the government and with the government in need of revenues.  So, what is a Notice of Federal Tax Lien and what should you do if one is filled What is a Notice of Federal Tax Lien (NFTL) A Notice of Federal Tax Lien (NFTL) is a public document filed to alert third parties that the taxpayer owes the IRS money.  Filing the NFTL is a consequential step taken by the government and can have a serious impact on the taxpayer.   Prior to filing the NFTL, the ... 03/08/2021

Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t... 03/02/2021

As a Real Estate Agent, you most likely find yourself sometimes showing a potential buyer tens of homes  before they make a decision to purchase a property (or don’t).  While that can be frustrating, it’s important to make sure that as a Realtor you get the proper deduction for all of that driving.  So, what can you deduct and how can you maximize your Deduction.As a Self-Employed Taxpayer, the IRS provides two options for deducting automobile expenses, and you are allowed to select the method that is most advantageous to you. The options are: Actual Expense Method, or Mileage Method I recommend that you keep track of your actual expenses and business mileage so you can compare the two methods and select the one that will create the largest tax deduction.  Using either method, you are  ... 03/01/2021

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Our DFW Tax Firm specializes in guiding Realtors through their tax issues.  Our goal is to help these professionals minimize their taxes while making sure that they stay out of trouble with the IRS.  Realtors, like other small business owners and independent contractors, don’t have the luxury of withholding like their W-2 counterparts.  Because of this, probably my biggest challenge in working with Realtors is to help them to make sure that they get their taxes withheld timely and properly.  Our goals is that they avoid ending up with a huge tax bill in April that they can’t pay, with the added insult of substantial penalties and interest tacked on. As an independent Contractor, you, the Realtor, have estimated tax payments due to the IRS on: April 15th for income earned from January th... 02/16/2021

We are excited to let you know that we have invested in a new technology called Homebot to be your free personal guide through your home-buying journey.Homebot is a monthly financial dashboard that enables you to maximize the most of your home-buying search.When you sign up you will receive a regular email called the “Homebot Market Report”- a customized interactive guide with critical information to help you buy smart. Homebot offers buyers the ability to search for homes in your area at no cost to you.What will the Homebot Market Report do for you?     Explore neighborhoods and cities nationwide to find the best market to match your goals     Use current market temperatures to guide your buying strategy     Estimate how much home you can afford at today's interest rates     See how mu... 02/10/2021

We are excited to let you know that we have invested in a new technology called Homebot to be your free personal guide through your home-buying journey.Homebot is a monthly financial dashboard that enables you to maximize the most of your home-buying search.When you sign up you will receive a regular email called the “Homebot Market Report”- a customized interactive guide with critical information to help you buy smart. Homebot offers buyers the ability to search for homes in your area at no cost to you.What will the Homebot Market Report do for you?     Explore neighborhoods and cities nationwide to find the best market to match your goals     Use current market temperatures to guide your buying strategy     Estimate how much home you can afford at today's interest rates     See how mu... 12/15/2020

Payroll Tax Problems are a common denominator in a large percentage of failed businesses.  Either they are an initial driver of the cause of the business failure or a symptom of those problems.  However, one thing is certain, once a company begins to experience payroll tax problems, it becomes very, very difficult to get out of the vicious circle and get the business back on track. Why are Payroll Tax Problems Tough to Survive? When a company begins to get behind, there are several factors that make it difficult to turn the problem around.  Remember that the IRS prioritizes Payroll Tax Problems above normal Tax Debt due to the failure of the business to remit employees payroll withholdings held in trust.  Some reasons why it becomes difficult to resolve Payroll Tax Debt for businesses ... 12/14/2020

We are excited to let you know that we have invested in a new technology called Homebot to be your free personal guide through your home-buying journey.Homebot is a monthly financial dashboard that enables you to maximize the most of your home-buying search.When you sign up you will receive a regular email called the “Homebot Market Report”- a customized interactive guide with critical information to help you buy smart. Homebot offers buyers the ability to search for homes in your area at no cost to you.What will the Homebot Market Report do for you?     Explore neighborhoods and cities nationwide to find the best market to match your goals     Use current market temperatures to guide your buying strategy     Estimate how much home you can afford at today's interest rates     See how mu... 12/09/2020

COVID-19 is having a drastic impact on Small Business Owners across the country. During any economic downturn, business owners often have to make difficult cash flow decisions. One solution is for business owners postpone making payroll tax payments to the IRS in order to make payroll for their staff, pay rent, etc…. While this allows them to continue to operate in the short-term, there are long-term implications of this decision that these business owners are often not aware of or are a risk they feel they need to take to survive.   How Does Payroll Tax Debt Differ?As a general rule, the IRS takes a more aggressive stance towards businesses that incur payroll tax debt. The IRS tends to address these issues quicker, file Liens and Levy assets quicker, personally pursue responsible parti... 12/01/2020

The updated townhome is available now. Great location. The grounds of the Creekbend Townhome features access to 2 pools, a tennis court, gate access to a walking trail in Richland college. 3 bedrooms 2.5 baths and 2 carports with private patio. The Master bedroom is downstairs and the other two bedrooms are upstairs. Update kitchen with granite countertops. Clean ready to move in.Click here for more details and pictures 11/21/2020

The benefits of a preapproval (not prequalification) for Dallas Texas Mortgage Loans. Many consumers are not informed on the proper way for buying a home. No question, this is a big decision, and one that can be either immensely stressful- or immensely enjoyable- depending on how you go about the home buying process of Dallas Texas Mortgage Loans and the surrounding areas. The key is to take the proper steps to educate yourself on your buying power, initial investment, and taking some time to think about your lifestyle choices. This article will cover all of these.   Education    The steps necessary to purchasing a home in Dallas, Texas starts with getting pre-approved for your home loan. Notice we did not say get prequalified- in today’s world a prequalification is not meaningful. You ... 11/19/2020

There are many benefits to a VA home loan. It’s important to know how these loans can help you. First, thank you for your service to our country. According to the Mortgage reports, VA loans stand apart for its combination of low rates, lenient underwriting, and secondary benefits. These are 10 Dallas Texas Veterans Loans Benefits in 2020. These are:        No down payment on a VA loan        No mortgage insurance        VA loans have a government guarantee        Your ability to shop and compare VA loans        VA loans don’t allow a prepayment penalty        They come in many varieties        It’s easier to qualify for a VA loan        VA loan closing costs are lower        The VA loan offers funding fee flexibility    VA loans are assumable Backed by the U.S. Department of Veterans Af... 10/20/2020

Taxpayers often come into our office looking for an Offer In Compromise, or some other option, where they don’t have to pay any or all of their IRS Debt. The reality is that most people with a good job don’t qualify for an Offer and a payment plan is often the best alternative.  Are there advantages of entering into a Payment Plan?There are several advantages that taxpayer’s often don’t recognize but that are real benefits of being in an approved and current installment agreement. I’ve listed a few of those below: The IRS will NOT levy your wages, your bank account or any other assets if you are in an installment agreement so you have peace of mind. Depending on the amount of your tax debt, you may be able to avoid a Federal Tax Lien or have a lien withdrawn in an installment agreements... 10/11/2020

If you're looking for an updated, clean, 3 bedroom 2 bath rental in North Dallas, look no further! This 2nd floor condo is vacant and ready for you to move in today (as soon as we run credit, rental & criminal history checks, and employment verification).Located just south of LBJ Freeway, between Preston Road and Montfort Drive, the condo complex has an outdoor pool and ample parking.The unit comes with a full size washer and dryer and a refrigerator. The kitchen and baths have been updated. There are ceiling fans in all the bedrooms. And the unit has been freshly painted.There are very few 3 bedroom condos available for lease, so if you need the space, you've got it in this unit. Details:$1,375/month rent$1,375 security depositMinimum 12 month leasePets on a case by case basis (additio... 09/30/2020

If you've read my prior blogs, you already realize that Payroll Tax Debt is often the most complicated and risky tax debt issue to deal with, and as mentioned in the title, not only is the business liable for the tax, but the owner’s and other “Responsible Persons” can be held responsible for the Trust Fund portion of the debt. This is known as the Trust Fund Recovery Penalty, or the TFRP.  While the IRS can only collect the debt once, they can collect it from any and/or all “Responsible Persons”. Both the business and the “Responsible Persons” can be levied or liens placed against them. If you are a business owner, and the IRS coming after both your business and yourself personally, this can be devastating. For the most, payroll tax debt is fairly simple. You either owe it or you don’t... 09/26/2020

Did you know that there are approximately 20 million taxpayers that are either in some stage of the collection process with the IRS or are believed to be non-filers (who also owe the IRS)?  Although this is a huge number, this number is expected to continue to increase in the current economic environment related to COVID-19.  Unfortunately, if you don't solve your tax problems timely, you can expect levies, liens, and a general negative impact on your daily life. In most cases, these problems can be eliminated or minimized by taking proper action. Today we’ll cover 7 ways to eliminate your tax debt and get your life back on track.  7 Options to Resolve Your Tax DebtThere are several different methods of settling collection issues. First you must address the problem and get into complian... 09/14/2020

Special Government Home Renovation Loan Program using Dallas Texas FHA 203k Rehab Loans.Many people are not aware of a special government loan program that is part of the Federal Housing Administration or FHA (a department within HUD). A buyer or existing home owner can do meaningful amounts of remodeling or updates to their existing home without having a higher cost second lien thanks to this special FHA loan program.However, this loan program doesn't allow for "luxury items" in your home such as a swimming pool, hot tub, or other accessories. Although, you can repaint, replace flooring and appliances, add a room to an existing structure (which can add to value tremendously as you increase the square feet of your home) as well as remodel cabinetry in kitchens and bathrooms.This loan pr... 09/01/2020

Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t... 08/31/2020

There are many benefits to a VA home loan. It’s important to know how these loans can help you. First, thank you for your service to our country. According to the Mortgage reports, VA loans stand apart for its combination of low rates, lenient underwriting, and secondary benefits. These are 10 Veterans Loans Benefits in Dallas Texas in 2020. These are:        No down payment on a VA loan        No mortgage insurance        VA loans have a government guarantee        Your ability to shop and compare VA loans        VA loans don’t allow a prepayment penalty        They come in many varieties        It’s easier to qualify for a VA loan        VA loan closing costs are lower        The VA loan offers funding fee flexibility    VA loans are assumable Backed by the U.S. Department of Veterans... 08/28/2020