Realty Income Tax Advisors

7 Days and counting to the end of tax season for filing 2022 taxes!!
Give us a call next week if you'd like to set up time for tax projections for next year!

One month away from fall deadlines for S-Corps. Contact us now!

If you are filing as an S-Corp, today is your business deadline. Call us to make sure you are extended!

Sometimes you just need a little extra time. Apply for an extension to file your federal tax return.

Please be aware that:
• An extension of time to file your return does not grant you any extension of time to pay your taxes.
• You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties.
• You must file your extension request no later than the regular due date of your return.

To learn more about applying for an extension to file, visit: www.irs.gov/extension

Don't forget to bring all your 1099s when dropping of your tax paperwork!

Tax Time Guide: IRS reminder to report all income; gig economy and service industry, digital or foreign assets and sources | Internal Revenue Service IR-2023-35, March 1, 2023 — The Internal Revenue Service reminds taxpayers of their reporting and potential tax obligations on income from the gig economy and service industry, transactions from digital assets, and foreign sources or holding certain foreign assets.

Withholding taxes can be tricky, especially for small business owners. See how this tool can help, and call us to chat!

Tax Withholding Estimator | Internal Revenue Service Check your tax withholding with the IRS Tax Withholding Estimator, a tool that helps ensure you have the right amount of tax withheld from your paycheck.

Are you a single member S-Corp? Don't forget to give yourself a W2 for your wages. Call us now to get that ready!

About Form W-2, Wage and Tax Statement | Internal Revenue Service Information about Form W-2, Wage and Tax Statement, including recent updates, related forms and instructions on how to file. Form W-2 is filed by employers to report wages, tips, and other compensation paid to employees as well as F**A and withheld income taxes.

Did you have unemployment in 2020 and claim the income? The IRS excluded some of that income from taxation after the passing of ARPA in March 21. You may be receiving a refund! 👇

IRS completes automatic corrections of tax year 2020 accounts related to unemployment compensation exclusion; 12 million refunds issued | Internal Revenue Service IR-2023-02, January 6, 2023 — The Internal Revenue Service recently completed the final corrections of tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation they received in 2020.

Merry Christmas and a Happy New Year to all of our friends, colleagues and clients who made 2022 so successful!

With the new year comes new tools and resources for us. Be on the lookout for communication to come soon!! Call the office with questions or to schedule your tax appointments!

October 17th is the extension deadline for 2022 and like us, many preparers are booked up through that date! There are many resources for you to make it in time. Check this out:

IRS: Don’t miss this important Oct. 17 tax extension deadline | Internal Revenue Service IR-2022-175, October 7, 2022 — The Internal Revenue Service today reminds taxpayers who requested an extension to file their 2021 tax return to do so by Monday, October 17.

For any of our Florida clients, please note the IRS has adjusted your extension date from Oct 17th to Feb 15th 2023.

IRS: Hurricane Ian victims in Florida qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15 | Internal Revenue Service IR-2022-168, September 29, 2022 — Hurricane Ian victims throughout Florida now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Does your small business need a break? Maybe a tax credit that can cut down on the costs you pay to the government?! We can help with that! Check this list out and then give us a call; you might be eligible for more than you think!

Business Tax Credits | Internal Revenue Service A list of forms for claiming business tax credits, and a complete explanation about when carryovers, credits and deductions cease.

Don't wait to file!! A little over a month to go and we're nearly booked up for work to be done by 10/17/2022.

Don’t Wait: Important Information From the IRS if You’re Waiting to File Your 2021 Tax Return | Internal Revenue Service IRS Deputy Commissioner for Services & Enforcement Doug O’Donnell explains why you should not wait until the last minute to file a 2021 tax return – even if you have an extension to file until the October 17 due date. Filing electronically when you’re ready will help you avoid paper delays, he...

What a lovely article to read first thing in the morning...
https://www.wsj.com/articles/the-irs-is-about-to-go-beast-mode-chuck-schumer-joe-manchin-audit-taxes-middle-class-joe-biden-11659477320?mod=opinion_lead_pos1

Opinion | The IRS Is About to Go Beast Mode The Schumer-Manchin bill has $45.6 billion to audit the middle class.

Check out our partners over at Tax Credit America! They have a new website!

https://taxcreditamerica.com/

Tax Credit America The Cares Act COVID-19 Has your business been impacted by COVID-19, and your employees on the payroll? You may be eligible for a refundable retention

We are experiencing a phone outage at our office. Please be patient as our service provider attempts to correct it. We will call you back when we are able.

A little good news in light of recent gas prices.

https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022

An informative article about our IRS friends destroying 30 million pieces of paper/forms/mail because they were backlogged....

https://www.foxbusiness.com/politics/irs-destroys-30-million-tax-documents-insists-no-negative-taxpayer-consequences

Brad taught a great CE class today!

Did you forget taxes this year? You aren't alone! Get in the office ASAP and we can get your returns done fast!

https://www.irs.gov/newsroom/taxpayers-who-owe-and-missed-the-april-18-filing-deadline-should-file-now-to-limit-penalties-and-interest-not-too-late-to-claim-the-child-tax-credit-for-2021

Taxpayers who owe and missed the April 18 filing deadline should file now to limit penalties and interest; not too late to claim the Child Tax Credit for 2021 | Internal Revenue Service IR-2022-91, April 19, 2022 — The IRS encourages taxpayers who missed Monday’s April 18 tax-filing deadline to file as soon as possible. While taxpayers due a refund receive no penalty for filing late, those who owe and missed the deadline without requesting an extension should file quickly to li...

Only a few more days to get your taxes filed!!! Deadline is Monday April 18th!! Call our office or stop in to drop off your paperwork and we'll file your extension!

614-524-4888 or www.taxdefenseohio.com

Home - Tax Defense Ohio We gather and file all the necessary documents to bring you into full legal compliance with the IRS, State, BWC, and City taxes.

Hey Real Estate Agents! Brad Hennebert will be teaching this CE class! You don't want to miss this! 😁

This!! Everything in this article!! READ ME!

https://www.wsj.com/articles/communicating-with-the-irs-phone-letter-id-me-11648156888?st=8pnn3g7kcht8eyj&reflink=desktopwebshare_permalink

Tax Day Is Coming. Here’s How to Cope With the IRS. The tax-collecting agency has a massive backlog of letters and returns, its phone lines are flooded, and its online systems are getting an overhaul. Here’s how to get around the logjam.

Tomorrow, March 15th, is tax deadline for partnerships and s-corps. If that's you and you aren't ready, call us!! We can file an extension for you and give you handy checklists to get those taxes done quickly!

614-524-4888

Brad Hennebert, President of Realty Income Tax Advisors teaching a Continuing Education class to Real Estate Agents at Search2Close Title company!

Curious about all the tax credits that are available to you? So were we, and we've done a ton of research!! From student credits, to small business revitalization, to everything in between.

Give us a call or come see us this season!

www.realtyincometax.com

Realty Income Tax Advisors | Are you a real estate pro and found yourself struggling through tracking mileage, separating business and personal expenses, and trying to determine what gifts, meals, or travel can be written off on their taxes? And what is REALLY deductible at a home office expense?

Our President Brad Hennebert speaking at the Tri-County Area Real Estate meeting this morning.

The IRS is at 21 days for issuing refunds for electronically submitted returns. They are still severely behind on last year's work, and they don't have a deadline for working through that backlog.

https://www.irs.gov/newsroom/tax-time-guide-use-the-wheres-my-refund-tool-or-irs2go-app-to-conveniently-check-tax-refund-status

Tax Time Guide: Use the Where’s My Refund? tool or IRS2Go app to conveniently check tax refund status | Internal Revenue Service IR-2022-43, February 24, 2022 — The Internal Revenue Service reminds taxpayers today that the fastest and easiest way to check on tax refunds is by using the Where's My Refund? tool on IRS.gov or through the IRS2Go mobile app.

Virtual Free CE: Taxation for Real Estate Professionals
Today from 11:00-12:00!
If you missed this CE last month, here is your chance to take it virtually! This course is being offered via Zoom.
Please register using this link: https://bit.ly/ZoomTaxationCE
Please join the CE from 11:00-12:00 using this link:
https://us06web.zoom.us/j/82255306286?pwd=TEN0aHdBa08yU1lDd3E0MVZnVUVCUT09

Zoom Taxation for Real Estate Professionals CE

If you subscribe, this is a great opinion piece to read.

Opinion | Good News, Tax Evaders! The IRS Can’t Keep Up The agency needs more auditors, greater efficiency and computer systems that weren’t made in the ’60s.

The IRS has published an important update on those dealing with prior tax year issues:

https://www.irs.gov/newsroom/irs-continues-work-to-help-taxpayers-suspends-mailing-of-additional-letters

IRS continues work to help taxpayers; suspends mailing of additional letters | Internal Revenue Service IR-2022-31, February 9, 2022 — As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional ...