A lot of people just want to not lose money on the deal. They just want to cover their expenses. They rent it when they are not using it, and if they collect enough rent it's like having a free property.
There are a fair number of people that claim zero withholdings. That's their method of savings and at the end of the year they get a $2,000 check from the IRS. They should've put $20 a week away in their 401(k) retirement plan.
If you are using a professional to have your taxes prepared and something comes up in the interviewing process, you'll need time to go back and find that information. Inevitably you forget something. Maybe you brought the wrong property tax bill, or didn't get tuition for your children's education all gathered today.
If you've paid at least 90 percent of your current tax liability by April 15 or 100 percent of the previous year's taxes, you won't have to pay the late payment [0.5 percent] fee.
If you are in the financial planning business, nothing could have been better than the [introduction of] the Roth IRA. It's been a real boon for the industry.
Innocent spouses basically need to show that they didn't change their lifestyle or live a frivolous lifestyle.
It can be quite profitable. It all depends on how much you own, how much rent you charge and where it's located.
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