As an Enrolled Agent, I am fully capable of providing tax advice as it relates to personal and business income taxes. Enrolled Agents are the only Federally licensed tax practitioners and are admitted to practice before all administrative functions of the IRS. My specialty is working with small business owners who file Schedule "C" and helping them to structure their business in such a way as to maximize as many tax advantages as possible. I also enjoy working with individuals who have both routine as well as complex tax situations. I prefer to concentrate on individuals and small business tax planning.
I have a 25 year background in financial services including tax, bookkeeping, insurance, real estate and securities. I was previously the Chief Financial Officer of a local and national franchise organization. I am currently semi-retired, but used to own (in partnership with another EA) an individual and small business financial engineering firm where I work with nearly 2,500 individuals and small business owners in nearly every state and almost every continent, assisting them in all aspects of their tax and financial well-being. I have prepared or reviewed more than 8,000 tax returns in my career.
National Association of Tax Professionals
Enrolled Agent, Admitted to Practice Before the IRS, Accredited Tax Preparer, Fellow of National Tax Practice Institute, Certified QuickBooks ProAdvisor (1999-2011), Sleeter Group Certified QuickBooks Consultant, Life & Disability Insurance Agent License (California, Texas, Maine), Real Estate Agent License (California); Many years of continuing education in all these fields.
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Douglas - This type of situation applies quite frequently and you should not have to pay a tax that there is an exception for. Here is the link on the IRS web site that tells you how to make the correction:
Roy - Yes, the devil is in the details, as you say. Here is some general information: Qualified charitable distribution (QCD). A QCD is a nontaxable distribution made directly by the trustee of the
Pablo, thank you for your generous consideration for a donation. To make a payment, you can go to my web site and click "Make a Payment". My web site is http://owenarnoff.com. To answer your second
Pablo, no, that is not correct. The answer depends on whether it is your personal residence or a rental property. Current expenses are not part of the formula. Here's how it works for both, except
Jeff - I think the answer to your question lies somewhere in here: https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/capital-gains-losses-and-sale-of-home/property-basis-sale-of-home-etc/property-basis-sale-of-home-etc