In our past blogs, we’ve talked about some of the tax deductions you can get as a landlord. But guess what? None of those tax deductions matter if you don’t have the records to claim them.
IRS resumed its normal tax debt collection processes on June 15, 2021, after having suspended proceedings in April 2020 due to the pandemic. So, if you are the unlucky recipient of a Notice of Federal Tax Lien, your best bet is to pay your tax bill off in full. But if you are unable to, below are some useful things to know.
Tax planning builds wealth. You may not be familiar with the term, but tax planning is the analysis of an individual’s or business’ financial situation to ensure that all elements work together to allow the payment of the lowest taxes possible. It is generally done towards the end of the year, but its not too late to plan for this year. Proper tax planning can help you retain and make the most of your income to build your assets and wealth.