Bill Zumwalt's (teamzumwalt) Blog

Well first thing would be to open and read it.  Please do not ignore it or think it will go away. The IRS sends millions of letters to taxpayers every year. The vast majority have nothing to do with an audit of your return. They may make a change in your tax return that will mean you owe addition...

If  you were unhappy with this last year’s tax return and think you paid too much in taxes(and who doesn’t) here is what you need to do. 1) If your spouse is paid as an employee, be sure to look at how much you are having withheld from their paycheck. You may need to have more paid out for taxes2...

If you found a mistake on any of your last three years filed tax returns you will need to file Form 1040X.  The reasons to file an amended return are many. The most common problems are a change in filing status or math errors. Attach all schedules and forms that have changes with the 1040X.  The ...

As you know, meals and entertainment are subject to a 50% deduction. If you spend $100 for dinner with a client you get to deduct $50. But let’s look at this a little closer. You as a realtor have a team of 5 agents and one assistant. You have weekly required sales meetings at your place of busin...

I know of a lot of agents that have assistants that they pay as contract labor. There are two different tests to determine if someone is an employee and not contract labor. The IRS has a twenty factor test that they use while the courts use a seven common-law factor test.  If you fail the test th...

As reported by MSNBC, The Senate is moving ahead with a bill that will end the free ride that internet shoppers have enjoyed for many years.  Called the “Marketplace Fairness Act”, under this act retailers would have to collect and remit state sales taxes.  The measure has the backing of both par...

A Seattle company had become so bogged down by meeting blues – so much so that everyone dreaded their monthly meetings. To make the meetings more fun and inviting, several people organized tournaments, which are played at the end of the meeting. Most popular is Boggle, a game where you try to cre...

Ever see those TV ads for tax companies that can reduce your taxes to pennies on the dollar? Well, be wary and run don’t walk away from these. These predictors peruse the public record files for tax liens and start dialing for dollars. They get a good number of leads from their TV ads as well. Bu...

The IRS has a fairly new program to help people pay their back taxes.  It is called the “Fresh Start” program.  If you owe less than $10,000 the IRS will now not file a tax lien. There are exceptions to this if you have been a really bad boy. This program has also made it easier to set up an inst...

When most of us think "taxes," we think of federal taxes -- the IRS, Form 1040, and everyone's favorite holiday, April 15. It's true that the IRS is full of Very Serious People collecting Very Serious Taxes. But we can't forget state and local governments either. They collect their fair share of ...