So what does a Volleyball dad do on Friday night? Normally this dad is spending the evening with his wife and daughter (maybe the daughter is a teenager) and just relaxing, but tonight was different. Our daughter, who plays volleyball for the Yucaipa High School Junior Varsity team, was asked to play with the Varsity…
I’m going to talk about what to do when you get an IRS letter in the mail. This can be a really scary experience, but don’t worry, I’m going to walk you through everything and make it easy for you. Don’t panic! If you receive a letter from the IRS, there are still steps you…
It isn’t easy to make predictions, especially about the future. But there is one prediction we’re confident in making: you will have substantial out-of-pocket expenses for health care after you retire. Personal finance experts estimate that an average retired couple age 65 will need at least $300,000 to cover health care expenses in retirement. You…
IRS warns of messy tax filing season – iHeart’s Talk Radio WIOD Miami asked Carlos Samaniego to come on the air and discuss. 🎙 Carlos is the founder of Tax Debt Consultants. He’s an Enrolled Agent and an NTPI Fellow, an elite group of professionals with significant expertise in representing taxpayers before the IRS.…
The IRS is serious about tax evasion. You may have been putting off filing your taxes because you thought it wasn’t necessary, but the IRS will not hesitate to penalize any who don’t pay up on time. They realize that by failing either of these two ways they could lose hard-earned money from their budget…
Not every day is a good day to be in business. The taxes we have been dealing with for years can make it difficult and stressful, but there are ways around them if you know what they all mean! A little preparation could save your company from an audit or worse – legal trouble later…
In our files, we show that you have a self-employed business that you file on Schedule C of your Form 1040. As you likely know, in times of economic dislocation such as the COVID-19 pandemic, the self-employed get no special government help. For example, you generally do not receive benefits that employees get, such…
The PayPal loophole is going away in a little over six months from now. You may remember the strategy where you can avoid giving 1099s to contractors and vendors when you use PayPal or a similar service as your payment platform. With this strategy, you push the reporting requirements to PayPal. Current federal law requires…
In this month’s Issue of my Cashflowaire newsletter, I wrote about protecting the purchasing power of your savings. This article highlights the massive amount of money printing and possible implications. Here is must read article: https://thehill.com/opinion/finance/508046-judd-gregg-when-the-dollar-is-worth-60-cents If you like a free issue of my cashflownaire newsletter go to: https://carlossamaniego.com/FreeCashflow Until next time, Carlos Samaniego, EA …
Here’s good news: the properly used business vacation home or condo does not suffer from the vacation-home rules, the passive-loss rules, or the entertainment-facility rules. In these days of COVID-19, you may have solid reasons to use your vacation home or condo for two purposes only: personal pleasure, and business lodging. How Business Use Escapes…