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Services for Real Estate Pros - Polaris Accounting & Tax LLC - TN: 27482 IL: 065.038859
RECENT BLOG POSTS
The residential real estate market is surging, but there are tax implications to consider when selling your home.With the federal income tax gain exclusion break still in effect, you can shelter up to $250,000 for singles, and up to $500,000 for married couples!  Here are the basics: Unmarried ho...
11/18/2021
It's been a difficult time for a lot of people. You may have experienced any number of losses such as: divorce, illness, job loss or death in your family. Your current situation may have sidetracked you from filing your tax return on time. Do any of these situations apply to you? Are you simply o...
10/02/2021
FaceTiming with IRS Special Agents who were standing inside his home was just the most recent lapse in judgment made by a former NBA player that could possibly result in a lengthy prison sentence. He is also under indictment by the State of KY for this tax-related matter.When dealing with the IRS...
09/03/2021
If you are suffering or about to suffer an IRS audit, you should know how your tax positions stack up against the IRS examiners' positionsIn most cases, you are discussing the facts, not the law, and you prove your facts with receipts, canceled checks, and logbooks.Once you get into the law, the ...
09/02/2021
Bad things happen when you file your tax return late:What does it mean to file late?  You can extend your tax return and file during the period of extension; this is not a late-filed return!  A late-filed return happens when: A return or an extension is not filed by the original due date (April 1...
08/31/2021
It can happen by accident. You may not have withheld enough from your paycheck in the past year and wind up with a whopper of a tax bill in April, or perhaps you came into some money, spent it, and didn’t realize that a big chunk of it was owed to the IRS in taxes. If your debt has been piling up...
08/27/2021
Do any of these situations apply to you? You Owe the IRS money that you can't pay.If you owe money to the IRS but can’t pay, there are several options available to you depending on your circumstances. One of the most important things is to make sure that you are in compliance. You must be all cau...
08/25/2021
IRS resolution cases are on the rise now that the IRS has resumed most compliance operations since being suspended (April 1st-July 15 2020) due to the COVID-19 pandemic and the People First Initiative.The automated lien and levy programs have been idle since April 2020; however, with the improvem...
08/20/2021
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