WOW - Words of Wealth by CPAs of Florida - Noack & Company

I work from home- Can I write off my home expenses as an office expense? If you have been listening to my series you know I am going through our most FAQ questions we get from our real estate agents- so I am speaking to you guys! However, lots of clients are asking this question this year. Please listen in to learn if you qualify and what that means for you.

Listen in to this episode featuring the wonderful Lisa Lotocke as she shares her top 5 QB troubleshooting issues. These are the 5 things she counsels and fixes in client's QB files as they are the most common errors she sees. This one is packed with all kinds of great stuff!!!

I lost my numbers when we transitioned from the old Media Uploads to this one. FAQ Series for Real Estate Agents: Can I write off my phone & internet on my taxes? Listen in for the answer, as well as an important tip to make sure you are not leaving (tax) money on the table!

In this podcast, Janet and Carol discuss 4 common questions missed in the 2020 Tax Filings: - What's so special about Charitable Contributions for 2020? - Why does my accountant care if I got an Economic Impact Payment (Stimulus Checks)? - Do I need to tell my accountant if I skipped my RMD (Required Minimum Distribution) for 2020? - Do I need to give my accountant every single medical receipt?

We are often asked if you can write off hair, makeup and clothes by our real estate professional clients, prospects and colleagues. Makeup and hair are a flat out no! But a uniform with your logo might be ok. Listen in for more.

The dreaded mile tracking question! While many of our agents are getting better at this, we still see too many who “ballpark” their miles driven. We then get the question: Is that really a big deal? Now, you are asking me, so I am going to go with the law here (of course) and say that yes, it is a big deal. Let's go into a bit of background first.

Congratulations… you've passed the licensing test, and you are officially now a real estate agent!!!! Amidst all of your excitement on making this official, you are also likely somewhat overwhelmed with all of the STUFF you have to do to kick things off on the right foot. One of the most common conversations I have with real estate agents is that they know they need to track their expenses, but they have no idea where to even start. Help me please!

Whether you are a seasoned agent who has never gotten the financial guidance you need, or a new agent that is still getting your feet wet, you are running a business. One of you may be making more money or have more transactions every month, but both scenarios above are businesses. You need to start treating it like one. That starts with giving it its own checking account.

Real Estate Agents! This one is for you! Are you a new real estate agent? Likely, you have a TON of questions, and are super overwhelmed on the tax and accounting side. This is likely all new to you, and there is so much to think about. In this episode, I touch on 3 easy things you should be doing from day one to set yourself up for financial success.

One of the most common questions that we get from clients when they have a tax balance due is how do they actually make the payment. Listen in to this episode to hear the ways you can actually pay your tax, and some of the issues clients have along the way so you can avoid a costly mistake down the road when all you want to do is pay your tax.

The IRS is now starting to use QR codes when they send out a couple of their letters-QR codes are those barcodes that you can scan with your phone, and magically lots of information is brought up. The IRS notoriously is a bit behind the technology times, so it is really neat to see them adopting this particular piece of technology! This will only be on a couple of their letters initially and is intended to direct you to ways to pay your taxes or ask for help in a quick manner. Listen in to hear more!

Are you trying to efile your 2019 tax return and having a problem? We have had countless clients with the same problem that was a hidden result of using the IRS's non-filer tool they put on their website earlier this year to help you get your stimulus check. Lots of people misunderstood the intent of this tool, and it is now causing them grief when they try to electronically file their 2019 tax return. If this is you, you used this tool and are now having issues e-filing your 2019 tax return, listen in to learn more about what likely happened and how you can fix it.

There has been a lot of talk in the news about the Stimulus checks and the deadlines to apply for them. Today's episode will focus on the people who do not have to file a tax return, what they need to do to get their check and when they need to do it by. We will also discuss people who do need to file a tax return to get their check and have not yet done that. Listen in to make sure you know what you need to do tog et yours and when you need to do it by!

As we come up on the 10/15 extended tax deadline, we have had a flurry of clients requesting another extension (on top of the normal 10/15 extensions). Every year we have a few clients raise this question, so this episode will address this exact topic! Spoiler alert- the answer is no, there is no additional extension after the normal extension.

We get tons of questions on how to pay estimated taxes, when to pay estimated taxes, and how much to pay in estimated taxes. Listen to learn the answers to these questions as well as the associated penalties for failure to pay estimated taxes. We will also address the COVID 19 relief available for failure to pay estimated taxes.

Whoops! Did you miss the 9/15 Business Tax filing deadline? Let's face it- life gets in the way sometimes. There is a nasty little penalty that kicks in as soon as you miss it, listen in to learn more about the late filing penalty, and what you should do immediately to try to get on top of this!

Carol McCarley and Janet Noack will answer your questions about the deductibility of expenses related to rental properties owned by non US persons in the US. We will discuss what happens when a rental property is used personally and how that affects your US taxes and deductions. Listen for these answers and more.

Non US persons need to decide how to buy US properties. Should they buy the property personally, in an LLC or a Corporation? What tax filings are required? What happens if I want to buy a property with others? How does this all work? Listen to hear the answers to this and more.

What is an ITIN? How can I get an ITIN? Why do I care? Learn why and what it takes to get a US ITIN. Join Carol McCarley and Janet Noack for a series on Non-US persons and US taxation.

It's never easy talking about being in a cash crisis, but when it happens, it's really important! Here are 4 tips to help you deal with a cash crisis a little better.

Have you heard about companies getting contacted about their websites not being ADA compliant? We have! Listen in to hear what our clients have been buzzing about, and what we did to fix it.

Finally! The IRS has released guidance on what to do if you received a stimulus check on behalf of a deceased spouse. We now have the answer. If you got a stimulus check for your spouse based on the tax return on record, tune in to learn what steps you need to take to correct this.

As a wife and mom of two and a leader in my firm time management skills is something I have been forced to practice a lot. I have developed three tips that work for me to help set my mindset daily on the path I need, as well as allowing me the feeling of moving forward each day instead of feeling more and more buried. While they may not work for you, they certainly work for me, and I hope you enjoy listening in!

Are you now working from home, courtesy of Coronavirus? Do you have questions on what you might be able to write off on your taxes for your home office? This is our new normal where so many people, employees and subcontractors alike, are now converting space in their homes to offices. Listen in to hear if you might be eligible to deduct some of your home expenses on your taxes.

CPAofFlorida WOW - Stimulus Update As Of April 16 2020 by Janet Noack, CPA

There is all kinds of talk about the $1200 and $2400 stimulus checks which are supposed to be coming to all taxpayers. Will i receive one? How much will it be? Will i get extra for my kids? How do I apply to get a check? When will the money arrive? Are there any reasons i might not get a check? Listen for up to date information on how this will all unfold.

Exactly what has been extended? 2019? 2020? Estimated payments? Existing installment agreements? Is the IRS still working? Can i talk to a person at the IRS now? Will I receive my 2019 refund if I file now or will I have to wait until July? Get all of these answers and more in this podcast.

This podcast will discuss the details of the tax deadline extension. Do I have until July 15 to file my return? What about estimated payments for 2020? Reasons to file before April 15. Will i be charged penalties and interest for paying late? Listen to be sure you are understanding the new filing and payment deadlines for both 2019 and 2020.

We are going to discuss some common questions real estate agents have for their tax pros. The most common questions involve closing gifts, client entertainment expense, home office deductions and lease vs. buy for a vehicle. We will discuss some creative ways to get around the IRS limitations on closing gifts as well.

Listen to this podcast to understand the IRS rules for who gets to claim the kids. We will explain the tie breaker rules such as who is the custodial parent and what happens if you have exactly 50% custody. We will also address tips and tricks for claiming kids. Finally we will discuss how to fix it if you are wrongfully unable to claim your child.

This podcast will discuss whether you can take cash out of your company bank account for personal use. It will discuss the different types of entities and how to get it out. It will also discuss taxation of profit in pass through entities. You might be surprised to learn you are taxed when you earn the profit and not when you take the cash out of the business.

This episode covers the 2019 tax year filing dates as well as the dates for 202 estimated tax payments. We also discuss the failure to file, failure to pay and failure to deposit penalties for not filling your tax return. We provide strategies and suggestions for people who may owe tax and are unsure of whether to file or not.

This episode covers the 2019 tax year filing dates for pass through entities for tax returns being filed in 2020. We also discuss the failure to file penalties. In addition we will discuss whether filing is required if no business was transacted or the entity had a loss.

Many taxpayers who were affected by hurricane Irma are unaware of the tax credits or tax write off's that are available to help with some of this damage. Employers who paid employees while they were in operable or qualified to receive a portion of those wages back as a tax refund. In operable means Non-productive. Listen to this podcast for definitions and criteria to be able to qualify for this wage refund. Also listen to learn about damage to your personal residence and how that could benefit your 2017 tax return. The gotcha in this tax refund is that there is a time clock ticking for when you will be able to get this refund. Everything is contained in this podcast.

A question we often get when you sell your house and you are filing your tax return is how to report this correctly. This podcast will discuss the differences between selling your personal residence and selling your second home. It will discuss the requirements and the amount of gain that can be tax-free if you can qualify as a personal residence. It will also discuss alternative second home options such as a RV, yacht or vacation home. We will also discuss Whether it is beneficial to offset multiple sales of residences with gains and losses within the same year.

This podcast will address whether a non-US person has a US tax return filing requirement. It will also cover the specific examples of whether a rental property has an annual filing requirement or not vs. a personal use property. FIRPTA withholding requirements will be discussed and an example of how to eliminate the FIRPTA withholding based on an allowable exception to the legislation.

This episode will discuss minor details that can cause big problems. Something as simple as not filing your S Corp election correctly can be the cause of additional professional fees to get it straightened out. Doing it right the first time will save lots of time and aggravation later. In addition we will discuss when to start filing your new business tax returns and what happens if you fail to file. As a final note we will discuss expenses incurred prior to starting the business.

Getting married? Getting divorced? Both of these could possibly put you into a tax pitfall. This episode will discuss a case where a wife signed a joint tax return that ended up being fraudulent upon IRS examination. The wife was unaware of the fraud and still was on the hook for penalties and potential criminal activity. The other case we will discuss is a newlywed couple that was married late in the year. The couple did not get get advice that could have saved them thousands of dollars in health care subsidy repayments. In both cases this could have been avoided with careful tax planning. CPAofFlorida the WOW Podcast is hosted by the mother daughter team of Janet Noack, CPA and Andrea Dillon, CPA.