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Every morning
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The Taxmart REI podcast episode tackles the stigma surrounding tax extensions, explaining that an extension merely postpones the filing deadline to October 15, not the payment deadline, and why many real‑estate investors should consider it. Hosts Nate Sosa and Justin Shore stress that extensions are routine—IRS processes tens of millions annually—and that filing late does not trigger audits. They outline the financial consequences: a 5% per‑month failure‑to‑file penalty (capped at 25%) and a separate 0.5% per‑month failure‑to‑pay penalty if taxes aren’t settled by April 15. Accurate returns, achieved by using the extra time, reduce audit risk more than filing on time. Justin notes, “There’s no data showing extensions increase audit likelihood,” and cites his experience at a Fortune‑500 tax department where extensions were filed every year due to complexity. Nate adds, “Even if you’re owed a refund, the extension doesn’t affect liability; you still must pay any amount due by the original deadline.” For investors, the takeaway is clear: file an extension to avoid the steep filing penalty, make estimated quarterly payments or an extension payment to mitigate the payment penalty, and partner with a tax professional early to gather documentation. This disciplined approach safeguards against costly errors and maximizes tax‑saving opportunities.
The NATP webinar delves into the nuances of Section 121, the primary‑residence capital‑gain exclusion, guiding tax professionals beyond basic definitions toward confident application. It revisits the core ownership and use tests, emphasizing the two‑year ownership and use requirements and the...
The video breaks down the 2026 IRS‑adjusted tax numbers that matter most to small‑business owners, from the standard deduction to mileage rates, and explains how these inflation‑driven changes can be turned into planning opportunities. Key figures include a $16,100 single and...
The video explains why self‑assessment tax returns now include a question about Income‑Contingent Student Loans (ICSL). It clarifies which loans fall under the post‑1998 scheme and outlines when repayment obligations commence, depending on study mode and course completion dates. Key points...
The Internal Revenue Service hosted a two‑hour webinar titled “Understanding the One Big Beautiful Bill: Business Tax Provisions,” led by stakeholder liaison Christopher Green and senior liaison Richard Furlong. The session aimed to unpack the major business‑tax changes enacted by...
The video explains how the SECURE Act has fundamentally altered the rules governing inherited IRAs, likening the new landscape to the tiered seating on modern airline flights. Where once most heirs could stretch required minimum distributions over their life expectancy,...
The video brings together several financial advisors who riff on what constitutes good versus bad tax advice, ranging from everyday W‑4 withholding tweaks to sophisticated real‑estate‑centric wealth strategies. They argue the most reliable way to set withholding is to run a...
The video explains how self‑employed professionals can deduct vehicle costs, emphasizing that only the business‑use portion qualifies and that taxpayers have two distinct methods to claim those expenses. The standard mileage deduction offers a flat rate—currently 72.5 cents per mile—making it easy...
The video warns against “double‑dip” tax strategy where employees claim a work‑related expense both on a company reimbursement and as a personal tax deduction. It explains that under an accountable plan the employee must substantiate the expense, receive reimbursement, and return...
The episode tackles a subtle but costly tax pitfall in real‑estate partnerships: the "disguised sale" that can arise when a general partner contributes property and then receives cash‑out refinancing proceeds or other distributions shortly thereafter. While cash‑out loans are generally...
