Now that the Tax Season dust has settled, we have evaluated our client load and have determined that we can now take on a few more specially selected clients. We specialize working with small business owners in the United States who are eager to learn how to legally minimize their tax burden. As has been our practice, we will begin our professional relationship with the preparation of a detailed and comprehensive report on tax saving strategies that would be appropriate for your business, for a reasonable tax deductible fee. The tax saving report does not obligate the business owners to have us prepare their future tax returns. Clients can use us to implement and utilize these strategies, or remain with their current tax professionals with our detailed report.
It is a requirement for new clients to be using a recent version of QuickBooks.
If you would like to be a future potential client, or would just like one of our tax savings reports, please contact Sherry < NewClients@TaxGuru.org> with your contact information including a short description of your business. Please put in the Subject, “POSSIBLE NEW CLIENT INFORMATION” or “REQUESTING TAX REPORT” so we don’t think it’s junk mail.
Thank you. We look forward to starting a few new business relationships.
The 0baMao regime is continuing its drive to force us into a full-blown economic depression. Anyone with even the slightest understanding of business and economics knows that higher minimum wage requirements kill jobs. That is why the Regime is pushing for it.
Governor Rick Perry flew to California to try to woo California businesses to relocate to Texas. The arguments even out. Texans point out that they have no state income taxes, however Californians counter that we don’t have winters, and besides our prisons are so full that if you don’t pay your state income taxes, nothing will happen to you anyway.
One question. We have a Personal Loan to an individual …..and a first Home mortgage to my daughter. Both loans are being amortized. You will see our Quick Books and Organizer records “Interest Income”. Do I issue 1098s? FYI, I did not issue 1098s in 2011.
My Reply:
Since you aren’t in the lending business and these loans weren’t for properties you developed, you are not required to file 1098s.
However, I have some clients who voluntarily file 1098s even though they also aren’t required to do so in order to make sure everyone is using the same numbers on their tax returns.
If you don’t file 1098s for your loans, you should send your borrowers something showing what your records have for the prior year’s payments in terms of principal and interest so that they can use the same figures for their tax returns.
File this form if you are engaged in a trade or business and, in the course of such trade or business, you receive from an individual $600 or more of mortgage interest on any one mortgage during the calendar year. You are not required to file this form if the interest is not received in the course of your trade or business. For example, you hold the mortgage on your former personal residence. The buyer makes mortgage payments to you. You are not required to file Form 1098.
For information about who must file to report points, see Who must report points on page 3. Not in the lending business. If you receive mortgage interest of $600 or more in the course of your trade or business, you are subject to the requirement to file Form 1098, even if you are not in the business of lending money. For example, if you are a real estate developer and you provide financing to an individual to buy a home in your subdivision, and that home is security for the financing, you are subject to this reporting requirement. However, if you are a physician not engaged in any other business and you lend money to an individual to buy your home, you are not subject to this reporting requirement because you did not receive the interest in the course of your trade or business as a physician.
I hope this helps. Let me know if you have any other questions.
IRS Loses Lawsuit in Fight Against Tax Preparers – A big setback for IRS in their attempts to control every single tax preparer. The big franchise outfits are jumping for joy over this ruling.
Obama’s Tax Evaders of the Year – Michelle Malkin names some DemonRat hypocrites who publicly support the Marxist tax plans, while doing everything possible to reduce their own tax burdens.
More of the same – Cal Thomas on the unwillingness of the DemonRats to ever cut spending and the GOP’s inability to grasp that fact.
Because of the confusion over the alternative minimum tax, millions of taxpayers may have to wait until mid-March to file their 2012 returns. The IRS, which had assumed Congress would simply avert that provision, notified Congress last week that up to 100 million taxpayers will have to wait to file if nothing is done – the IRS needs time to overhaul its computers.
