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Services for Real Estate Pros - Polaris Accounting & Tax LLC - TN: 27482 IL: 065.038859
RECENT BLOG POSTS
If you have a second home in a resort area, or if you have been considering acquiring a second home or vacation home, and with summer just around the corner, you may have questions about how rental income is taxed for a part-time vacation-home rental. The applicable rental rules include some inte...
05/04/2022
The real estate market is red hot, and plenty of folks nearing retirement and holding investment property see now as an excellent time to offload their real estate assets and reap the profits. If you’re one of them, then - tempting as it may be - make sure that you talk to your tax advisor before...
04/28/2022
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Many taxpayers use the Where's My Refund tool and wonder what "Return being processed" means for them and their refund.The answer: Not much yet!The prompt means that the IRS has received your return but they are experiencing a considerable backlog, slowing processing times, and refund disbursemen...
02/24/2022
Owe Taxes and Can't Pay by the Due Date? Step 1: FILE YOUR RETURN!! Do not delay in filing your return on time. Step 2: Make arrangements to pay your tax liability for last year. The IRS has options for this. Step 3: Make sure you don't have the same problem next year when filing your 2022 tax re...
02/17/2022
An IRS letter might bring good news or bad news. It may just provide more information about your IRS account, but it could also require a response on your part which you should not ignore or delay.If there are issues with your tax return, it is advised that you seek assistance from tax experts to...
02/16/2022
The residential real estate market is surging, but there are tax implications to consider when selling your home.With the federal income tax gain exclusion break still in effect, you can shelter up to $250,000 for singles, and up to $500,000 for married couples!  Here are the basics: Unmarried ho...
11/18/2021
It's been a difficult time for a lot of people. You may have experienced any number of losses such as: divorce, illness, job loss or death in your family. Your current situation may have sidetracked you from filing your tax return on time. Do any of these situations apply to you? Are you simply o...
10/02/2021
FaceTiming with IRS Special Agents who were standing inside his home was just the most recent lapse in judgment made by a former NBA player that could possibly result in a lengthy prison sentence. He is also under indictment by the State of KY for this tax-related matter.When dealing with the IRS...
09/03/2021
If you are suffering or about to suffer an IRS audit, you should know how your tax positions stack up against the IRS examiners' positionsIn most cases, you are discussing the facts, not the law, and you prove your facts with receipts, canceled checks, and logbooks.Once you get into the law, the ...
09/02/2021
Bad things happen when you file your tax return late:What does it mean to file late?  You can extend your tax return and file during the period of extension; this is not a late-filed return!  A late-filed return happens when: A return or an extension is not filed by the original due date (April 1...
08/31/2021
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