Tag: IRS

Tax Win: IRS Provides Clear Test on Now 20% Deduction Applies To Rental Income, Exchange

The Internal Revenue Service has issued final rules on the 20 percent business income deduction (Sec. 199A of the Tax Code) that was enacted in late 2017 as part of the Tax Cuts and Jobs Act.  Among other things, the rules confirm that the deduction applies to your business income, as a real estate agent or broker, if you operate as a sole proprietor or owner of a partnership, S corporation, or limited liability company. […]

Waiting on your tax refund? maybe you should try this out

Waiting on your tax refund? maybe you should try this out

In normal circumstances, most people would have received their tax refunds just after 21 days of filing electronically. 2021 however is not a normal year. With the pandemic and most people working from home, it is expected that one or two things will be delayed and the IRS is no exception. The IRS has been dealing with a backlog of paperwork and tax returns to process from last year, given the fact that the pandemic […]