While there is no guaranteed method of avoiding audits, there are things to steer clear of that could trigger an IRS audit. The Senate recently approved nearly $80 billion in IRS funding, with $45.6 billion for enforcement, which could lead to more audits. Here are some things that the IRS has historically viewed as “red […]
Articles by Elyssa Carlos
Real Estate Investments & Tax Implications
Real estate investments and tax implications can be very complex. However, there are general tax implications for common scenarios. Here, we will discuss some of these benefits. Real Estate Tax Write-Offs The most obvious tax implication for real estate investments are the write-offs that can help reduce rental income. Typically, you can deduct any expense […]
Converting Your Home to a Rental Property
Real estate has long been considered one of the greatest long-term investments. Further, with the trend of minimalist living, many are turning their primary residences into rental properties. While converting your home to a rental property comes with passive income and tax benefits, it’s important to note the tax implications as well. Benefits of Converting […]
Biden Announces Student Loan Forgiveness Plan
President Biden has announced his three-part student loan forgiveness plan that aims to provide relief to student loan borrowers, especially those belonging to low– and mid-income levels. Part I: Student Loan Forgiveness for Eligible Borrowers Borrowers with individual incomes less than $125,000, or $250,000 for married couples, are eligible for student loan forgiveness up to […]
Inflation Reduction Act Part IV: More Audits, More Tax Collection
We know that an increased budget for enforcement will lead to more audits. More audits mean more tax collection. The question that remains to be answered is exactly how much federal tax revenue the IRS expects to collect with the new Inflation Reduction Act. How much taxes will be collected with the Inflation Reduction Act? […]