Bill Zumwalt's (teamzumwalt) Blog

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Services for Real Estate Pros - William T. Zumwalt CPA, CTC "The Tax Coach for REALTORS"
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It's Week Nine of the 2013 football season, and millions of Americans are following every play. The Kansas City Chiefs are still undefeated. The New York Giants have finally won a couple of games. And playoff races are already starting to take shape. (Bengals, anyone?) So, what does any of this h...
10/29/2013
If you find that your income is up for the year 2013 and you make quarterly estimates for state income taxes consider making the fourth quarter estimated payment before December 31st, 2013. By doing this you will increase your deduction for state taxes on your itemized deductions on Schedule A. I...
10/28/2013
Seems we have survived the latest government shootout. At least, until the first of next year, we can pay our bills. How many people feel like we will be back in a few months to see congress battle again? From a tax standpoint we at the least stopped the IRS for a few weeks and gave them a nice p...
10/28/2013
Back in grade school, you did all sorts of math problems. You started out with drills to learn your basic addition, subtraction, and multiplication. You learned long division (ugh). You moved on to fractions. And all along the way, as part of your teachers' efforts to convince you that it all mat...
10/25/2013
One area I see missed quite often is the separation of 50% meals from 100% deductible meals. You mean you did not know there were 100% meals??  That means you have really been missing out. Every time you spend money for snacks or refreshments for an open house you have 100% deductible meals. The ...
10/25/2013
I have been asked this question more than a couple of times as I speak to realtor groups around the country. My wife and I work for two separate companies and we go out to eat and discuss work with each other and how to solve problems, Is this deductible as a business meal? Well sorry, but the ta...
10/24/2013
As I have written about before there are two high schools in Oklahoma that dominate the large school division. The Jenks Trojans and the Union Redskins have combine to win the last 17 state championships. Another daunting stat is that during the month of October Jenks and Union are a combined 128...
10/24/2013
Last week Debbie and I went to see the movie “Captain Phillips”. We thoroughly enjoyed Tom Hanks in this movie. His performance has Oscar written all over it. What was even more interesting was an interview Tom did on National Public Radio. He was asked at great length about the making of the fil...
10/22/2013
The IRS has announced that it will suspend the payment of refunds during the government shutdown.  The IRS statement is as follows: “Tax refunds will not be issued until normal government operations resume.” The IRS emphasized however, that the underlying tax law remains in effect, and all taxpay...
10/22/2013
The IRS has announced that it is halting tax liens and levies during the shutdown.  For anyone under the threat of a lien or levy this is good news. However don’t expect it to last forever. I  would think that once the employees go back to work this reprieve will quickly end. Bill ZumwaltHelping ...
10/21/2013
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