Bill Zumwalt's (teamzumwalt) Blog

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Services for Real Estate Pros - William T. Zumwalt CPA, CTC "The Tax Coach for REALTORS"

ARCHIVED BLOG POSTS

2013 

5) Generally, you can exclude a gain from the sale of only one main home per two year period. 6) If you have more than one main home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in goth of th...
08/30/2013
If you are selling your home this Summer or some time this  year here are some helpful  tips. 1) If you sell your home at a gain you maybe able to exclude part or all of the profit. This rule generally applies if you have owned and used the home as your as your main home for at least 24of the las...
08/29/2013
1) First of all open the letter. Next read the letter and then notify your tax preparer that you received a notice and fax or scan to him to review. 2) There are many reasons the IRS sends these out.  Quite often it is about items of income that have been left off the return. These items could be...
08/28/2013
Here’s another estate that could reap the IRS mega dollars. Seems the IRS is saying that  the Jackson Estate tax return has overvalued things such as  Michael’s real estate holdings, a Bentley automobile, and most of all Michael’s “image and likeness” The IRS had sent the Jackson’s a notice of de...
08/28/2013
Have you ever thought about using more than one car in your business? How do you justify the business use of both cars? That’s easy. One SUV could be used to show houses to families while a car could be used tor one or two people. Generally speaking, most of us have a nice car for certain clients...
08/27/2013
When people misbehave — badly enough — they go to jail. But when corporations misbehave, they can't go to jail. So they pay fines instead. Recent years have brought a wave of enforcement actions for various corporate offenses, from banks ripping off customers, to investment managers trading on in...
08/27/2013
When we think of wealthy families we all can recognized the names of Rockefellers, Hearst, T Boone Pickens to name a few.  Estate tax laws have always been a problem for this kind of wealthy people. The estate laws were basically suspended for part of 2010. And that was a big benefit for the Gorg...
08/27/2013
The IRS has started a new Affordable Care Act Tax Provisions web site. It can be seen at IRS.gov/aca. Per Michael Cohn with Accounting Today the site has three sections explaining the tax benefits and responsibilities for individuals and families, employers and other organizations. I’m sure that ...
08/26/2013
Last February I posted this blog and it was viewed by over 6,600 real estate agents. I thought it might be a good idea to see how good your business plan is doing. A good business plan will have as a component a marketing plan. An agent should use what has marketing has worked in the past but it ...
08/26/2013
By now most of you know about the findings of Major League baseball p layers that were caught using PED’s.  The IRS is following this closely I bet too. Loss of income means less taxes to be paid. There is no telling how much, if any, Alex Rodriguez will lose in endorsements. As of yet I have not...
08/26/2013
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Bill Zumwalt

Tax Coach, CPA
local_phone(918) 583-1040
smartphone(918) 808-7164
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