David Ramirez's (taxrelief808) Blog

 QUICK TIP TAX TIPS EXTENSION BASICS2023 Tax ReturnCommon Reasons to File an Extensionü Haven’t received all of your tax documentsü Don’t want to feel rushedü Still need to organize your business expensesü Unexpected life, Shxt HappensPurpose of ExtensionTo obtain additional time to file your tax...

Unlocking the Potential of Residential Rental Real Estate: A Guide for InvestorsInvesting in residential rental real estate offers a plethora of benefits that can cater to the savvy investor's desire for a steady income stream, long-term wealth appreciation, and financial security. As a real esta...

Missing or incorrect form W-2 or 1099, what to do?  What To Do When You Don't Get Your W2 or it’s wrong🙀‼️Have you ever been expecting your W-2 and it never arrives? This can be a scary feeling, and it's important to know what your next steps should be in this situation. Here are some tips you sh...

It’s Tax Time! Choose a Tax Preparer Wisely my Friend!Not all Tax Preparers are actually Tax Professionals!Talk is cheap, don’t believe everything your told! Trust, but always verify!What kind of tax preparer do I need?Believe it or not, you don’t need any qualifications to prepare taxes or to ca...

IMPORTANT TAX TERMS TO KNOW FOR THE REAL ESTATE BUSINESS  By IRS definition, rental real estate is a passive activity. Rental real estate may have limited losses unless one of the exceptions applies.In addition, you do not need to be a licensed real estate agent or broker to qualify as a Real Est...

Are you a Real Estate Owner or Real Estate Investor?You Need to Know and Understanding Cost Segregation and How it Benefits Real Estate InvestorsOwning a property, let alone investing in one is no easy feat. It takes considerable amounts of time, effort, and resources. However, what if we told yo...

AFFECTED BY THE MAUI WILDFIRES OR IDALIA OR OTHER NATURAL DISASTERSReconstructing Records for IRS After a Natural Disaster or Casualty Loss  TAX RECORDS Get free return transcripts immediately by visiting the Get Transcript tool on IRS.gov. To order transcripts by phone, call 800-908-9946 and fol...

As a real estate agent, navigating the complex world of taxes can be overwhelming. Yet, understanding tax deductions can be a game-changer for your financial health. These deductions are legal ways to reduce your taxable income, thereby lowering the amount you owe in taxes. In this blog, we'll ex...

Planning on taking a trip overseas?If you owe back taxes you may not be going! Understanding the IRS debt and Passport Certification Process By law (Internal Revenue Code Section 7345), the IRS will certify taxpayers with seriously delinquent tax debts to the State Department for specific actions...

For the Love 😍 of MoneyDon’t lose your Money 💵🙀🛑To the IRS If you fail to file and claim your refund with in 3 years or 2 years from when paid you May end up losing your refund There are some exceptions, one major one is due to “Financial Disability”. The IRS defines financial disability IRC 6511...