Everyone wants the American dream and purchasing a home is a great way to achieve it. One sure way to build wealth for generations to come is to become a homeowner. But if you are not careful, just as building wealth can be achieved through homeownership so is destroying it as well. [Read more…]
If you are a self-employed individual, you have at your discretion to be flexible when reporting your income and deductions on your tax return. Of course, if you receive 1099s, this income will be reported to the IRS, however if you receive cash payments or unreported income, you may be go unnoticed. Besides, will the IRS really know you receive those payments last year? Hey, no one is looking – right?
Wrong! Even if you never been audited or never will, these type of decisions will be certain to catch up with you down the road. [Read more…]