Bill Zumwalt's (teamzumwalt) Blog

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Services for Real Estate Pros - William T. Zumwalt CPA, CTC "The Tax Coach for REALTORS"
RECENT BLOG POSTS
The number of communities defined as rural for purposes of US Rural Housing Service (RHS) programs is poised to fall at the start of the new federal fiscal year, which is  October 1st, because of changes to the way rural communities are defined. As a result, households in some communities could l...
09/23/2013
On October 1st at The Golf Club of Oklahoma we are hosting a three hour seminar presented by National Speaker Dick Betts. For the last 13 years he has traveled North America presenting to all types of businesses. His down-to-earth style of speaking and understanding the subject material he covers...
09/23/2013
With that great year you should consider whether or not you need a new car. If so do not forget about the 50% bonus depreciation on new vehicles. Bring your mileage logs up to date. Do you need the new IPhone released a few days ago or a new laptop? How’s your supply of signs and riders? Purchase...
09/22/2013
Real estate has been making some real comebacks and this year is no exception. How about you? Are you having an exceptional year too? Well I hate to be the bearer of bad news, but if you’re having a great year, so is the IRS and at your expense. Stop! Right now! With three months left in the year...
09/22/2013
There are two problems when using a motorhome. The motorhome is both a traveling hotel that can be deducted and it is a form of transportation which has business miles that make it a deduction. Would you believe that you can write off up to $$108,000 if it has a gross vehicle weight rating of ove...
09/20/2013
The biggest disaster you will ever see, if audited, will be not having a mileage log. I know it is a pain to keep but that two minutes a day can save you thousands of dollars and a whole lot of grief. Here’s an example of what can happen. Molly is being audited by the IRS. She is a successful age...
09/19/2013
Well the obvious would be the tailgating with friends. But how does this fit into your real estate business?  Well think of it like this. In football there are two competing sources -  Offense and Defense. The offense is trying to score as many points as possible while the opposing defense is try...
09/18/2013
This past week a former IRS agent was sentenced to 12 months in prison, 12 months of supervised release and $20,000 fine. Jeanne L Gavin ran her own tax business that she had on the side from her IRS position. Apparently,  Miss Gavin was committing criminal conflict of Interest. She was a supervi...
09/18/2013
The IRS can audit the last 3 tax years that have been filed. So once you file your 2012 taxes you will need to also keep 2010 & 2011. If you under report your income (by more than 25%) you need to keep your records 6 years. Julie Morgenstern, author of Organizing From the Inside Out, suggests arc...
09/18/2013
If you get an IRS audit notice, you probably expect to spend hours responding to endless document requests, visiting bland government offices, and meeting with faceless bureaucrats. You might hope you get lucky and find yourself assigned to a pleasant, friendly examiner, one who acknowledges how ...
09/17/2013
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BillZumwalt

Tax Coach, CPA
local_phone(918) 583-1040
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