Past due payroll taxes can cause you to lose your business and in some cases, your freedom. The IRS is focusing increased tax compliance efforts on small businesses so it is vital to know the common payroll tax audit triggers and learn how to avoid severe IRS penalties, huge tax debt and federal criminal investigation.

1. Small businesses are the most likely target of increased tax compliance enforcement Small business owners have been identified by the IRS as the largest source of uncollected taxes. And because they are known to be huge tax evaders, the IRS tends to focus their enforcement efforts on small businesses, especially during economic downturns.

2. You can lose your business due to extremely aggressive IRS collection tactics for past due payroll taxes When it comes to payroll tax debt, the IRS collection Revenue Officer has unyielding power and authority. They have the power to padlock your front doors, putting you out of business, without obtaining a court order. They can seize your machinery and equipment. They can contact your customers, and if your customers owe you any money, the IRS will intercept these funds through their powerful levying authority. You must take immediate action to deal with a payroll tax issues, or you will find yourself out of business.

3. Payroll tax penalties can add up quickly and generate huge tax debt The penalties assessed on delinquent payroll tax deposits or filings can dramatically increase your total tax bill. Whether you operate your small business owners as a sole proprietorship, corporation, or LLCs, the taxes you owe can cause you to lose your business. There are three major penalties you can be hit with (failure to file, failure to deposit, and the failure to pay), which can add up to about 33% plus interest if you don’t pay in just 16 days after you have filed the 941 (Payroll Tax Return) past the due date!

4. Not filing or paying your payroll taxes can be considered a federal crime. The IRS can refer your case to the Criminal Investigation Division and ultimately to the Department of Justice if they can prove that you intentionally (very low thresholds) didn’t file and/or pay.

5. Borrowing from payroll taxes is against the law. Many small and mid-size businesses use the money they collect from payroll taxes to pay their operating expenses. The money collected from employees to pay their share of federal withheld tax, FICA and Medicare (Social Security) does not belong to the business and must be accounted for and paid to the government. Generally, one must make a federal tax deposit (by tax filing service, phone, or in person at a bank) 3 days after the pay date of the pay roll checks.

6. The IRS can come after business owners individually for payroll taxes owed. The IRS can access what is called the Trust Fund Recovery Penalty (TFRP) against owners and shareholders. The IRS is the only creditor on the planet that can “pierce” the corporate veil and go after individuals, which can be a very scary situation.

7. What do I do if I get audited? If you owe payroll taxes, you need to get expert professional help before it’s too late. Representing yourself before the IRS would be like going to court without a lawyer. And you do not want to take any chances when dealing with the IRS.

You need the help of experienced Tax Attorneys and/or a Certified Tax Resolution Specialist who have experience negotiating hundreds of these cases. They can defend you and advise you on viable options including Payment (“stepped”) plans, Offers in Compromise, Computational Abatement of Penalties, Abatement of penalties due to reasonable cause, and analyzing the Statute of limitation to assess.

For more advice and information on payroll tax debt and how to get professional help if you’re in distress with the IRS, visit the Tax Resolution Services web site for a free tax relief consultation, or check out the Tax Resolution University Blog.

The-Flip-Man.com – The Flip Man This is in response to a comment on another video and thought I would share the deal with you. Oh, I made $4000 off this deal. http I will personally Teach & Mentor you on How to Flip Houses with no credit or cash. Delight in the videos and audios of…

If you are looking to improve your financial situation and you own a home, you may want to refinance mortgage payments. This simply means that you apply for a new secured loan so that you can pay off a different loan. The advantage is that by choosing to take out loans for debt, you may obtain a lower interest rate.

The option to refinance mortgage payments usually is available when an individual already has a mortgage and he or she want to pay it off via another one. The key to refinance mortgage payments, though, is to make sure that saving money is the case, for those who choose to go through with the process.

Find out if the amount of interest saved on balances the normal fees associated with refinancing. Mortgage companies will provide a mortgage calculator to help figure out the math.

Once a person has chose to refinance mortgage payments, he or she may be in a position to have more cash while simultaneously lowering the amounts paid each month on the mortgage. Refinancing mortgage payments allows you to use some of the equity you have in your largest asset, your house.

When first buying the house, several factors influenced how high or how low monthly mortgage payments would be. An individual’s credit rating at the time has a fantastic deal to do with it, as does the amount of down payment paid.

The most influential factor was the interest rate at the time, though, but interest rates never stay the same. Due to this constant fluctuation, rates may be lower at certain points in time than when the house was first bought.

If this is the case, refinance mortgage payments to take advantage of the lower interest rates. Depending on how low the Federal Reserve has allowed rates to go, homeowners may stand to decrease the amount paid out each month.

Exchanging a high rate of interest for a lower one means saving money easily each month. A mortgage calculator will shed light on how much these loans for debt can help save you.

Homeowners looking to place some more money in their pockets and improve their financial situation should refinance their mortgage payments, particularly when interest rates are lower.

They can shorten the length of their mortgage by keeping their monthly payments the same. This may sound too excellent to be right, but it isn’t. A shorter mortgage and the same monthly payment can happen with refinance mortgage payments.

Homeowners who want to increase the equity of their home and place some money in their wallets might want to refinance mortgage payments. Use a mortgage calculator, determine the length of mortgage, and learn just a few of the benefits of refinance mortgage payments.

Tax Deductions for Small Business Owners

Tax tips and tax help to help taxpayers by describing options
for tax reduction and tax cuts through lawful tax deductions.

Small business owners need all the tax help which is available. Tax deductions allow small business owners to keep more of what they earn. With a 35% marginal tax rate, the government is a silent partner who takes no risk and over one-third of the profits. Tax deductions are neither simple, straight forward, or intuitive. But, the effort to increase tax deductions is well worth the effort.

Tax Help Tip 1: Tax deductions reduce taxable income for small business owners but do not directly reduce federal income taxes. (Tax credits, such as low income housing investment tax credits, directly reduce federal income taxes) Both cash and non-cash tax deductions merit review.

Tax Help Tip 2: Cash disbursements can be expensed (used as a tax deduction in the current year) or depreciated (capitalized and depreciated or amortized over a period of years). Due to the judgment required to determine what should be capitalized, there is some discretion. For example, a local gang paints graffiti on a part of the side of your building. You choose to repaint the entire side of the building instead of just the part with graffiti. Is this a repair (can be used as a tax deduction) or should it be capitalized (and depreciated over time)? Some owners would elect to expense repainting the entire building. Business owners should seek counsel from their advisor regarding discretionary tax deductions.

Tax Help Tip 3: Real estate provides bountiful tax deductions for small business owners. Most real estate owners inadvertently understate depreciation and thus forego available tax deductions. The common practice is to simply separate land and long-life property (depreciated over 39 years for commercial property and 27.5 years for rental residential property). Real estate owners can typically increase depreciation by 50-100% in the first 5-7 years of ownership by utilizing cost segregation. Cost segregation can separate up to 130 items that can be depreciated over 5, 7, or 15 years (instead of 27.5-39 years). These small-life items typically comprise about 20-40% of the improvement cost basis. The increased depreciation increases tax deductions.

Cost segregation can be utilized for recently bought or built properties and for properties owned for a period of years (1/1/87 or later). Long-term real estate owners can claim a one-time tax deduction windfall using catch-up depreciation.

Tax Help Tip 4: After a cost segregation study is prepared, the owner can “catch-up” previously under-reported depreciation (without filing any amended tax returns).

Tax Help Tip 5: Another source of “hidden” tax deductions is a careful review of your fixed asset schedule. Many fixed asset schedule include items which should have been expensed or which have been discarded (or should be thrown away). Misclassified items are another source of additional tax deduction. In some cases the depreciation life for an asset has been overstated through clerical error. A fixed asset audit typically generates meaningful tax deductions.

Other Tax Help Articles: Other non-cash sources of tax deductions are amortization, casualty losses, and charitable contributions, which are addressed in separate articles. Plotting tax deductions requires a modest effort but the rewards are worth the effort. You work hard to serve your clients and earn a profit; don’t give more than is legally required to your silent partner.

Click here for a FREE preliminary analysis of income tax savings for your property.

Cost segregation produces tax deductions and reduces federal income taxes across the country and in every size market. Below are just a few examples of cities where cost segregation generates meaningful tax deductions.

City:

Memphis, TN
Baltimore, MD
Las Vegas, NV
Boston, MA
Miami, FL
New Orleans, LA
Atlanta, GA
Washington, DC
Phoenix, AZ
Houston, TX
Albuquerque, NM
Sacramento, CA
Sarasota, FL
Salt Lake City, UT
Albany, NY
Virginia Beach, VA
Oxnard, CA
New Haven, CT
Chicago, IL
Kansas City, MO
Buffalo, NY
Jackson, MS
Tucson, AZ
Raleigh, NC
Dayton, OH
Pittsburgh, PA
Scranton, PA
Jacksonville, TN
Portland, OR
Birmingham, AL

Cost segregation produces tax deductions for virtually all property types, including the following:

Property Type:

Veterinary clinic
Single-tenant retail
Auto dealer
Amusement park
Community shopping center
Convenience store
Airplane hangar
Research and development
Shopping mall
Office warehouse

Nearly every industry, including the following, can generate cost-efficient tax deductions by using cost segregation.

Industry:

Arts, Entertainment, and Recreation
Frozen food manufacturing
Real estate lesser
Plastic and rubber products manufacturing
Warehousing and storage
Building supply dealers
Electronic and appliance stores
Food and beverage stores
Durable excellent wholesalers
Electrical component manufacturing

O’Connor & Associates is a national provider of commercial real estate consulting services including cost segregation studies, due diligence, commercial real estate appraisal, Lease Abstraction-,tax deduction, cost segregation, property tax, market research, estate taxes, Collin central appraisal district, Tips and Tricks for Appealing Your Property Taxes in Dento, denton county appraisal and Federal tax reduction. O’Connor appraisers have appraised over 100 types of real estate including auto service garages, service center warehouses, student housing, shopping malls, subsidized housing, commercial buildings, drugstores, office warehouses, racket clubs, office buildings, cold storage facilities, shopping centers, regional malls, strip shopping centers, used car lots, health spas, auto salvage yards and banks.

Triple net leases are becoming more well loved in the Houston area. Here, they are obviously less expensive for the property owner, and can allow a truly passive form of income for the property owner. With one of Houston’s triple net leases, a property owner can be hands off, which is exactly what more and more property owners are looking for. Of course, there are down sides to them as well.
Most triple net leases give control of the property to the lessee, which can be either a excellent deal or a terrible deal, depending on who the property owner is dealing with. They provision the renter to pay for maintenance as well as other costs associated to property ownership.
Before ever purchasing one, potential owners should have these leases looked over by a Houston real estate attorney to be assured that the property owner can still control structural changes to the property as well as enforce the general maintenance that the property requires.
While a property owner can simply go online and download a lease agreement, these leases in particular can work against the owner of the property. Legally speaking, it is very hard for a property owner to deny liability for destruction of property, especially if they are being held accountable by a third party. A well written, clear and concise lease can help avert such situations.
Every triple net lease property for sale in Houston is going to vary at least in structural repair requirements. Many of them require the tenant to pay for everything except roof repairs while some require everything including roof repairs. A bond clause requires the tenant to pay for the property even if the property doesn’t exist anymore, such as the loss resulting from fire, flood, earthquake, or other natural disasters.
Triple net leases are a hard sell for potential tenants, regardless of whether you are referring to residential tenants or commercial tenants, and there has to be a motivation for the tenant. There is an exceptional amount of negotiation associated with them, and potential purchasers should yield to caution when entering a pre-existing lease.
Leases for sale with huge profit potential can be hard to find. They take a bit of cultivation, and a bit of finessing to make the perfect situation. If the tenant of a triple net lease is not worthy of the sale, the sale will often never materialize.
Both the landlord and the tenant can benefit from a triple net lease and can experience fantastic frustration from them too. Keeping in mind that the tenant who agrees to one needs to get something out of it, buy of a triple net lease in Houston can lead to more pitfalls than necessary if the situation hasn’t been scrutinized.
In most cases, residential leases in Texas are rare. It costs too much money. The only notable exception to that rule refers to some apartment buildings, usually units that house between 6 and 12 units. These can be an acceptable alternative to home ownership under the right circumstances. The vast majority of triple net properties in the area are commercial properties.
Finding an ideal triple net lease for sale in Houston or the surrounding area can be considered an impossible task. Because they are unique between landlord and tenant, most ideal situations are made rather than bought. Those leases which are up for sale are often excellent situations, but a potential owner is hard pressed to find a perfectly ideal situation unless they have made it for themselves.
Making one and then selling it can be ideal for those looking for a high end real estate business. Some of these leases are signed for as long as 50 years, offering up some very tempting terms for a potential buyer. After all, provided that the lease is signed for an extended period of time, the lease can provide a significant income-expense ratio for the owner. Additionally, the resale of one can also bring in revenue.
Anyone considering purchasing a triple net lease for sale in Houston should never consider the buy without the help of an attorney for the simple reason that these leases are personalized per situation.
A fantastic find will still be a fantastic find after a lawyer looks over the lease. A excellent find can turn into a fantastic find after an attorney evaluates the lease. Then of course, a lawyer can save you much headache and pain when it comes to a triple net lease that shouldn’t be touched with a single dollar.