New Tax Requirements: Get A Jump Start Now

Michael DiMella - 01/29/14

Now that 2013 has come to a close, it is time to start to think about our financial goals for the New Year. The upcoming tax season is a great time to review your financial past and plan for your financial future and get some goals outlined as you look at your income and tax structure.

Utilizing the services of a skilled CPA may help you to better structure your taxes to best suit your financial needs and goals. If you file your taxes independently, now might be a good time to seek some additional professional guidance with someone in the tax preparation consulting area. The tax preparation services in Roseville, CA for taxpayers who are facing collections from the IRS and/or state tax authorities. Is important to ask questions about who is handling these tax payments (a staff member, the executive director, a payroll service, an accountant?) and what checks and balances are in effect to make sure no problems arise, this is why it is very handy to have a tax problems lawyer helping you out. Annual reviews or audits may also be helpful to verify compliance.

If you or someone you know is thinking or dreaming about buying real estate this year (or refinancing) call us now so that we can review your overall financial picture and help you structure your taxes accordingly. Here are some points to keep in mind:

· If you are self-employed, many guidelines have changed, reviewing your tax structure today could save a lot of heartache and aggravation later.

· Tax transcripts are required as part of the process for all mortgage applications. These are documents which we obtain directly from the IRS to insure that the taxes presented to underwrite the loan are in fact the taxes that you filed with the IRS and are not fraudulent. Obtaining transcripts during peak tax season can take time, filing early is one way to avoid transcript delays later.

· New this year is a requirement for 2 years of business tax returns on all self-employed professionals which is defined as having 25% or more ownership in a partnership, S-corp or C-corp or LLC. If you file a schedule C we will be required to review two years of personal tax returns. And here’s the recent Texas LLC guide.

Our real estate market is hot, interest rates remain historically low, it is a great time to sell and to buy, don’t let a sloppy tax strategy derail your real estate plans.

Contact Justin Tulman for a mortgage consultation today.