Avatar's Blog
» Happy New Year - It's Tax Time.
Every year it’s the same old story: we are hardly past the winter holidays when the Tax Man comes calling. For most real estate investors, the idea of filling out the forms is more egregious even than having to pay those taxes. So, most palm off the task to the professionals.
Even if the closest you come to tax preparation is an annual visit to your accountant, there are times when a little understanding of the tax implications of a business move might come in handy. Fortunately, our friendly IRS now offers 1040 Central, an online resource that might prove invaluable – all without waiting on the phone, or paying top dollar for some simple answers. Of course, for the more complex stuff, you’d best stick with the tried and true experts.
Access 1040 Central at http://www.irs.gov for a quick overview of changes for 2005 filings, current new releases, FAQs, filing options for most basic filers, and more. You can even check on your refund. Of special interest to investors: check out the credits and deductions section – you may find some real nuggets of information about your current and future holdings here.
