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taxreliefservices · 2 years

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The Most Important Information to Give the IRS to Settle Your IRS Tax Debts

If you Owe Back Taxes, if you are suffering from an Economic Hardship and if can’t pay your Monthly Living Expenses, you May be in Luck!☘️

When you owe back taxes to the IRS, May suddenly become very interested in your monthly income and expenses!

In fact you may want the IRS to know about your personal financial situation!

You may want to share your monthly expenses, such as your;

• Housing costs

• Car payment, gas, and insurance

• Gas, water, electric and other utility bills

• Medical insurance

• Cell phone

• Groceries and dining out

…and much more.

Why would you share this information with the IRS?

It all comes down to what the IRS calls Allowable Living Expenses.

The second you become a tax debtor, the IRS has a Secret tax lien against everything you own, including your future income. This is a feature of federal law, and it’s the basis for all the other collection actions that the IRS can take against you, such as a Wage Garnishment or Bank Levy.

Because of the lien, the IRS legally has a say in how you spend your money. Nobody likes this, but it’s the reality of how the US tax code works.

As with most laws, there is a long and complicated list of rules that go into determining what place the IRS holds in line behind or ahead of your other creditors, but the bottom line is that the IRS wants to get paid, and they have power to make your life a living nightmare by enforcing the tax laws over your money and assets.

It’s not all bad, however. There are specific legal protections that exist to prevent the IRS from taking everything you own. In simple terms, the IRS is not allowed to make you destitute. In other words, they are not allowed to put your family out on the street or force your children to starve if it creates an Financial Hardship on you and your family.

This is where those Allowable Living Expenses (ALE) come in. The IRS must allow you to pay all your basic living expenses, even if it means you cannot pay the IRS what you owe them. Sounds Great! Mostly, other than the tax lien they may file.

The IRS has legal standards that is required to follow and allow you and your family to pay before the IRS can collect anything. These are the usual categories:

• Food, clothing, personal care products, and “miscellaneous”

• Out of pocket health care costs

• Vehicle ownership and operating costs

• Rent or mortgage

• Utilities, including gas, water, electric, cell phone, Internet, and more

For vehicle operating costs, housing, and utilities, they do take into account regional variations for these costs. The rest are all based on national numbers. All the numbers also have adjustments based on family size.

These numbers “dictate” what the IRS will allow you to spend every month to live. Your income, when compared to these allowable standards, is what determines which IRS tax relief options you may be eligible for.

If your income is less than the total monthly allowable living expenses for Honolulu or where you live and family size, you might be eligible for a program that allows you to pay the IRS nothing. Yes, nothing. Zero. Nada. Zilch.

If your income is also less than the total monthly allowable living expenses, the IRS calculate for you, but you have assets – such as lots of equity in your home, stocks, bonds, classic cars, crypto, or the world’s most valuable Vinyl Record collection – then they’re going to take into consideration the value of those assets, too. But, in such a situation, you may be able to settle your tax debt for less than what you owe, and walk away from the rest.

If your income is more than the allowable living expense calculation, then the IRS is going to take that “excess” income into consideration for a reduced settlement. If you’re not eligible for a reduced settlement – which most people are not – then this “excess” income becomes the monthly minimal payment the IRS can require as a monthly payment.

One of the first things that Tax Relief Services can help our clients when they hire us to help them with a tax debt problem is to conduct a detailed Preliminary Analysis the exact same detailed financial analysis that the IRS should do but most of the time will not. We do the Preliminary Analysis for a number of reasons, such as:

1. Determining which IRS programs you’re eligible for.

2. Seek opportunities to legally increase your allowable living expenses.

3. Determine if the IRS balances are correct.

4. Look for unique circumstances that might open doors to outside-the-box resolution options.

This preliminary financial analysis is crucial for us to be able to get the best possible deal for our clients. Since the vast majority of tax debtors will end up on a monthly payment plan to the IRS, our job is to help get you the smallest possible monthly payment and help you minimize the short-term financial impact on your budget.

The IRS is NOT LOOKING OUR FOR YOU, BUT TAX RELIEF SERVICES IS!

If you’re in a situation where the IRS is hounding your, then we should chat. You don’t want to wind up in a situation where the IRS simply pigeon-holes you into the situation that is most convenient for them, leaving you unable to pay other monthly bills. Just schedule a time to chat:

WWW.TAXRELIEFSERVICES.COM

CALL TODAY!

TAX PROBLEMS DON’T GO AWAY!

808.589.232

#accounting #tax relief #taxreduction #tax #personal debt #tax expert #tax help #taxprofessional #tax reprieve #taxpayers #irs #financial #taxes #business #tax return #tax preparation

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finoutca · 1 month

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Tax Planning: A Path to Financial Success by Finout

What is Tax Planning?

Tax planning is the process of analysing a financial situation or business operation with the goal of minimizing tax liability through legal and efficient means. It involves evaluating various tax strategies, deductions, credits, and exemptions available under tax laws and regulations to optimize financial outcomes. Tax planning aims to maximize after-tax income for individuals and businesses by strategically managing financial activities such as income recognition, expenses, investments, and asset transfers. Additionally, tax planning may involve long-term strategies, such as retirement and estate planning, to minimize tax burdens over time. Overall, tax planning is essential for individuals and businesses to ensure compliance with tax laws while maximizing financial efficiency and minimizing tax liabilities.

Benefits of Tax Planning for Businesses and Individuals:

Tax planning offers various benefits for both businesses and individuals. Here's a breakdown of some of the key advantages:

Benefits for Businesses:

Maximizing Tax Deductions: Tax planning helps businesses identify and utilize all available deductions, credits, and exemptions, thereby reducing taxable income and lowering overall tax liabilities.

Improved Cash Flow: By strategically timing expenses and income recognition, businesses can manage their cash flow more effectively, ensuring they have sufficient funds for operations, investments, and expansion.

Reducing Tax Liability: Through careful planning, businesses can minimize their tax burden by utilizing legal tax avoidance strategies, such as investing in tax-efficient assets or structuring transactions in a tax-advantageous manner.

Avoiding Penalties and Audits: Proper tax planning helps businesses stay compliant with tax regulations, reducing the risk of penalties, fines, and audits from tax authorities.

Enhancing Competitiveness: Lowering tax costs can improve a business's competitive position by allowing them to offer lower prices, invest in innovation, or allocate resources more efficiently.

Business Growth and Expansion: Tax planning can free up capital that can be reinvested in the business for growth initiatives, such as hiring additional staff, expanding operations, or developing new products and services.

Benefits for Individuals:

Minimizing Tax Liabilities: Individuals can use tax planning strategies to legally reduce their tax bills by taking advantage of deductions, credits, and exemptions available to them based on their personal circumstances.

Increasing Disposable Income: By lowering their tax liabilities, individuals can retain more of their earnings, thereby increasing their disposable income for saving, investing, or spending on personal needs and desires.

Planning for Retirement: Tax planning plays a crucial role in retirement planning, helping individuals optimize retirement account contributions, withdrawals, and distributions to minimize taxes during retirement years.

Estate Planning: Tax planning allows individuals to structure their estate in a tax-efficient manner, ensuring that their assets are transferred to their heirs with minimal tax consequences, thus preserving wealth for future generations.

Managing Investments: Tax planning helps individuals make informed investment decisions, considering the tax implications of different investment options, such as capital gains, dividends, and interest income.

Avoiding Tax Penalties: By staying compliant with tax laws and regulations, individuals can avoid penalties, interest charges, and other consequences of non-compliance, preserving their financial well-being.

When the Tax Planning should be done:

Tax planning should ideally be done throughout the year to ensure the implementation of effective strategies and to maximize benefits. However, there are certain key times when tax planning is particularly important:

Start of the Fiscal Year: At the beginning of the fiscal year, individuals and businesses should review their financial situations, set financial goals, and devise tax planning strategies accordingly. This allows for proactive planning and implementation of tax-saving measures.

Major Life Events: Significant life events such as marriage, divorce, birth or adoption of a child, purchase of a home, retirement, or starting a business can have significant tax implications. Tax planning should be done before and after these events to optimize tax outcomes.

Mid-Year Review: Around mid-year, individuals and businesses should conduct a review of their financial activities and tax liabilities to identify any potential tax-saving opportunities or areas for improvement.

End of the Year: As the end of the tax year approaches, taxpayers should conduct a comprehensive review of their financial records, income, expenses, investments, and tax liabilities. This allows them to take advantage of any remaining tax deductions, credits, or opportunities before the end of the tax year.

Quarterly Estimated Taxes: For self-employed individuals, freelancers, and business owners who are required to pay quarterly estimated taxes, tax planning should be done quarterly to estimate tax liabilities accurately and make timely payments.

Changes in Tax Laws: Tax laws and regulations are subject to change, so taxpayers should stay updated on any changes that may affect their tax liabilities. Tax planning should be done in response to changes in tax laws to adapt strategies accordingly and minimize tax risks.

Retirement Planning: Tax planning plays a crucial role in retirement planning. Individuals should review their retirement accounts, contributions, withdrawals, and distribution strategies regularly to ensure tax-efficient retirement income.

Why Choose Finout?

Customized Solutions: We recognize that every individual and business has unique circumstances. At Finout, we don't believe in one-size-fits-all solutions. Instead, we work closely with you to understand your objectives and tailor our services accordingly, whether it's tax planning, compliance, or resolution of tax issues.

Comprehensive Services: From income tax to GST, corporate tax to international taxation, we offer a wide range of services covering various aspects of taxation. Whether you're an individual taxpayer or a corporate entity, our experts have the knowledge and experience to address your needs comprehensively.

Proactive Approach: Tax laws are constantly evolving, and staying ahead of these changes is crucial to avoid compliance issues and optimize tax benefits. At Finout, we adopt a proactive approach, keeping abreast of the latest developments in tax regulations and helping you adapt your tax strategy accordingly.

Transparent Communication: We understand that tax matters can be complex and intimidating. That's why we prioritize transparent communication, ensuring that you understand the intricacies of your tax situation and the options available to you. Our experts are always ready to address your queries and provide clarifications whenever needed.

Reliable Support: Whether you're facing a tax audit, need assistance with tax filing, or require representation before tax authorities, you can rely on Finout to provide unwavering support at every step of the process. Our goal is to alleviate your tax-related stress and empower you to make informed decisions.

To know more information about Tax Experts in Hyderabad Visit: https://finout.in/tax-experts-in-hyderabad/

#accounting #finance #tax expert #tax experts in hyderabad #startup

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wwadvantages · 5 months

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Tax Expertise: How Personal Income Tax Accountants in Melbourne Help You

Navigating the complex world of personal income taxes can be a daunting task. Personal income tax accountants in Melbourne are essential partners in managing your tax affairs and ensuring compliance with tax laws. In this blog, we'll explore how these experts can help you make the most of your financial situation and reduce your tax burden.

Expert Tax Planning

Personal income tax accountants are skilled in tax planning. A tax expert can help you create a strategic tax plan that takes advantage of tax deductions, credits, and exemptions to minimize your tax liability legally. This planning can result in significant savings.

Filing Assistance

Preparing and filing tax returns can be time-consuming and confusing. Tax accountants streamline the process, ensuring that all necessary forms are completed accurately and submitted on time, preventing costly penalties and fines.

Maximizing Deductions

Tax professionals are well-versed in identifying potential deductions that you may not be aware of. They can help you claim deductions related to expenses such as home office costs, medical expenses, education, and more, which can reduce your taxable income.

Keeping Up with Tax Law Changes

The laws pertaining to taxes are always evolving. Personal income tax accountants stay informed about these changes and can help you navigate them to stay in compliance and take advantage of new opportunities.

Minimizing Audit Risks

Accurate and well-prepared tax returns reduce the risk of being audited. Tax accountants ensure that your returns are compliant, minimizing the chances of facing an audit or investigation by tax authorities.

Timely Tax Filings

Meeting tax deadlines is crucial to avoid penalties and interest charges. Personal income tax accountants ensure that your tax returns are filed promptly, helping you stay in good standing with tax authorities.

Investment and Financial Advice

Beyond tax compliance, tax accountants can provide valuable investment and financial advice. They can help you make informed decisions regarding investments, retirement planning, and other financial matters to optimize your overall financial health.

Whether you have a straightforward tax situation or a complex one, these professionals are your trusted partners in managing your personal income taxes and ensuring your financial well-being.

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#tax expert #Personal Income Tax Accountants Melbourne

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bookkeeperlive12 · 6 months

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#tax expert #bookkeeperlive #hire an accountant #tax preparation #state tax #tax advisors

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steelwoolgoldenfleece · 8 months

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Required Summer Reading From The IRS: Transfer And Elective Payment Tax Rules

Portrait of a young brunette relaxing on the beach, reading a book

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Treasury and the IRS promised to release guidance on direct pay and transferability “before summer,” and with proposed regs (REG-101610-23) issued June 14, they met their deadline admirably. Announcing a precise time frame for when proposed rules will be released is less important than their substance, but it’s still a practice that the IRS and Treasury should continue.

It’s painful to hear government officials intone the refrain that “guidance should be coming soon.” Let’s have more dates to put on the calendar.

Clarification of the rules under sections 6417 and 6418 is what taxpayers wanted in the proposed regulations, and that’s what they deliver — for the most part. They are less generous than some commentators had hoped. The market for credit transfers will be less expansive than it might have been had the passive activity rules been swept away.

At least for now, the proposed regulations don’t allow an applicable entity to purchase a credit and then seek an elective payment for the credit, although the preamble indicates that the IRS and Treasury will entertain possible exceptions. The registration process still has large open questions, but the transferee gross income exclusion is a welcome clarification for potential buyers.

The proposed regulations add necessary details to the new regime and include policy decisions. The elective payment rules appear to be intended to enable the use of elective payment, said Adam Cohen of Holland & Hart. Cohen pointed out that instrumentalities and agencies of state and local governments, as well as U.S. territories, are included within the definition of applicable entities in the proposed section 6417 rules.

The exclusion of partnerships seems incongruous, but the complexity of applying sections 6417 and 6418 may explain it. “From a tax logic perspective, they found the right balance, particularly in the section 6418 regulations,” said Chaim Stern of Schulte Roth & Zabel LLP.

MORE FROMFORBES ADVISOR

Combining Transfers and Elective Payment?

The answer to whether an applicable entity could purchase credits under section 6418(a) and make an elective payment election is proposed to be no – but not a completely firm no. The preamble to the section 6417 rules says that its conclusion that “sections 6417 and 6418 are best interpreted to not allow an applicable entity under section 6417 to make an elective payment election for a transferred credit under section 6418” was informed by administrative and practical reasons given by commentators.

The preamble also connects its conclusion to the text of section 6417(a). Treasury and the IRS explained that they believe that transferred credits are not “determined with respect to” an applicable entity, as required by section 6417(a).

That is because the credit is not determined with respect to underlying applicable credit property owned by the applicable entity or electing taxpayer, or activities otherwise conducted by the entity or taxpayer under section 6417(a).

And the proposed section 6418 regulations say that transferees are not considered to have owned an interest in the underlying credit property or to have otherwise conducted any of the activities that give rise to the credit. That isn’t a statutory reason to disallow chaining, but doing so maintains consistency between the two sets of proposed regs.

The preamble invites comments on possible exceptions to the proposed bar on chaining, indicating a surprising flexibility that is tempered by the specificity that’s also requested. Suggested limitations to any exceptions include the type of applicable entity that may be allowed to make a direct payment election for credits transferred to it — government entities are offered as an example — and the transferee taxpayer’s involvement in the project’s development.

The other possible considerations are more difficult to distinguish from other types of transfers. They include the transferee’s due diligence, the fact that the transferee pays close to the face value of the credit, and the lack of other special financial arrangements between the parties. Transferees of all types should be expected to do due diligence, and they’ll likely all pay about 93% to 98% of the credit.

The outlined considerations suggest that Treasury and the IRS might provide exceptions if they are satisfied that they won’t be opening the transfer and elective payment regimes up for fraud or abuse. Commentators will almost certainly advocate for exceptions.

Registration

In order to claim the benefits provided by section 6417 or 6418, taxpayers must complete prefiling registration requirements in accordance with temp. reg. sections 1.6417-5T or 1.6418-4T. The online registration portal isn’t ready yet, but the preamble to the temporary regs says its opening deadline of fall 2023 is one justification for putting out temporary regs instead of proposed rules.

Transferees and elective payment claimants will need to reference their registration number when claiming their credits, which raises the question of how long it will take the IRS to review pre-registrations. The FAQs warn taxpayers to leave enough time to obtain a registration number, Cohen noted, but it isn’t clear what that means. It may depend on the depth of the IRS’s review, another open question.

Seth Feuerstein of Atheva, a marketplace for IRA credits, said it would be helpful if the IRS offered the timeline it expects to follow for assigning registration numbers to taxpayers. “It could create a problem if the IRS says they’re not able to review a pre-registration in time and the transferee can’t take the credit,” he noted.

It also isn’t clear whether the review will be substantive or focused on limited items intended to prevent fraud. Feuerstein said it should be the latter. “It’s not clear why a substantive review of a transferred credit would be more critical than a substantive position any taxpayer is taking,” he said.

Under the temporary regs, taxpayers will register eligible credit property and the registration number will apply to all the credits associated with that property. For production tax credits, that might lead to some tracking and accounting challenges.

Because the registration number will refer to the underlying property rather than the unit of production, if a taxpayer sells production tax credits from a single facility to multiple buyers, those amounts will all have to be added up and accounted for under a single registration number.

Stern said a better idea would be to register each unit of production as it is produced. “If a solar facility that is producing electricity has a single registration number for its production and sales to various buyers over the course of a number of years, it becomes very hard to track the total credit amount,” he said.

That increases the risk of double counting. A separate registration number for each unit would make the tracking simpler for taxpayers and the IRS.

Gross Income Exclusion

The proposed section 6418 regulations give many commentators what they sought regarding how to treat the difference between the amount a buyer pays for a credit and the amount of the credit that the buyer claims. Affirming what some congressional staffers indicated, that amount is excluded from taxable income under the proposed regs.

The rationale for the transferee gross income exclusion is that under section 6418(a), the transferee is treated as the taxpayer for purposes of title 26 concerning a transferred eligible credit. The preamble explains that an eligible taxpayer wouldn’t have gross income from claiming the credit, and the transferee shouldn’t either.

But the statute doesn’t say that the transferee is treated as the eligible taxpayer, merely that the transferee is treated “as the taxpayer.” That language is how the transferee gains the ability to apply the credit to its own tax liability, but it doesn’t expressly address the transfer’s tax effects, or lack thereof, on the transferee. It only describes the treatment of the transferee after the transfer.

Congress should have more clearly excluded the delta of the purchase price of the credit and the claimed amount of the credit from the buyer’s gross income. A technical correction was never very likely, and it won’t happen now in light of the proposed regulations.

The practical effect of including the difference in gross income would be that transferees would pay less for credits to account for the tax they owe. Notably, in 2011, the IRS’s conclusion concerning transferable state credits contradicted the rule prescribed in the proposed regulations (CCA 201147024).

Monte A. Jackel of Jackel Tax Law said that the proposed exclusion is solely a creature of the proposed regulations, not the statute, since section 6418(b) is silent on the treatment of the transferee’s income, if any, because of the discount — section 6418(b)(3) says only that the consideration the transferee pays is not deductible.

Read more here https://au3.s3-web.ca-tor.cloud-object-storage.appdomain.cloud/Taxation-Insider/US-Tax/US-Tax-Service-for-Americans-in-Portugal-Simplifying-Tax-Compliance-for-Expats-in-Portugal.html

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daisyoclock · 10 months

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IRS Issues Warning On New Tax Refund Scam

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Read more here https://qgg.s3-web.eu-gb.cloud-object-storage.appdomain.cloud/USATaxProfs/US-tax/USA-Expat-Tax-Planning-in-Singapore-Key-Strategies-for-Maximizing-Savings.html

#tax expert #taxes

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cbatindia · 10 months

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Certified Business Accountant & Tax Expert Course - CBAT INDIA

#Account and Taxation #Business Accounting #Tax Expert

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killmoncoochie · 10 months

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Grasping Individual Finance: A Guide to Financial Flexibility

Comprehending the Relevance of Personal Financing

In today's fast-paced and unforeseeable globe, handling our individual financial resources has actually become a lot more essential than ever. Personal money refers to the management of one's money, budgeting, conserving, spending, and planning for the future. Whether you are a current graduate, a young specialist, or someone with a family, having a solid understanding of personal finance is essential for achieving financial stability and also long-term success.Personal finance encompasses various elements of our financial lives, such as budgeting, financial debt management, retirement preparation, as well as investing. It has to do with making notified decisions about our cash to make sure that we can fulfill our monetary objectives as well as face unanticipated challenges with confidence. By grasping personal finance, we can acquire control over our economic circumstance, lower tension, and safeguard a better future for ourselves and our liked ones.Tips as well as Methods for Improving Personal Finance While individual money might appear overwhelming, there are functional actions we can require to improve our financial well-being. Primarily, producing a budget plan is vital. By tracking our revenue as well as expenses, we can determine areas where we can reduce and save more. It is likewise important to tackle any kind of superior financial obligations as well as create a strategy to pay them off systematically.Saving for both temporary as well as long-lasting objectives is an additional essential aspect of personal money. Whether it's establishing apart a reserve or conserving for retirement, having a clear savings plan can give us with satisfaction and economic protection. Additionally, spending intelligently is a reliable way to expand our wide range over time.Educating ourselves regarding personal money is critical for making informed choices. There are many resources available, such as books, online programs, and monetary experts that can offer guidance customized to our certain requirements and goals. By continuously discovering as well as remaining informed regarding personal finance, we can adjust to changing scenarios as well as make confident monetary decisions.In verdict, understanding personal financing is a lifelong journey that requires devotion and also technique. By comprehending its significance and also applying reliable techniques, we can take control of our monetary lives and also job towards attaining financial flexibility. With the right attitude and also a dedication to constant understanding, we can browse the complexities of individual money and also construct a safe and flourishing future.

Read more here http://x4a.s3-website.eu-west-1.amazonaws.com/TaxTalk/tax/Form-706-NA-Explained-Key-Considerations-and-Requirements-for-Nonresident-Alien-Estate-Tax-Filings.html

#tax expert #accounting

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lovelyspells · 1 year

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A Look At How Cherry Blossom Trees Became A Symbol Of Spring—And Friendship—In The Capital

WASHINGTON, DC - MARCH 27: Cherry blossoms bloom on the grounds of the U.S. Capitol on March 27, ... [+] 2023 in Washington, DC. (Photo by Anna Moneymaker/Getty Images)

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Few things herald the coming of spring in the United States like the blooming of the cherry blossom trees around the Tidal Basin in Washington, D.C.

Although the National Park Service has deemed March 23, 2023, as "peak bloom" for the blossoms, March 27 is a bit more significant: It was on this day in 1912 that Helen Taft, wife of President William Taft, and the Viscountess Chinda, wife of the Japanese ambassador, planted two Yoshino cherry trees on the northern bank of the Potomac River near the Jefferson Memorial. The event was meant to celebrate what we become an iconic gift from the Japanese government of 3,020 cherry trees to the U.S. government.

D.C. Cherry Blossom Tree History

This wasn't the first significant appearance of Japanese cherry trees in D.C. In January 1910, 2,000 trees arrived from Japan, but they were infested with insects and nematodes, and were diseased. As a result, they had to be destroyed.

The mayor of Tokyo, Yukio Ozaki, and others suggested a second donation, and those were shipped out in 1912. Of the 3,020 trees, more than half were Yoshino cherry trees. Two were planted along the Tidal Basin in a formal ceremony, while the rest were homed along the basin, in East Potomac Park, and on the White House grounds.

The trees proved to be very popular with visitors, who flocked to see the pink and white blossoms. In 1935, D.C. celebrated its first “Cherry Blossom Festival” which eventually became an annual event.

Miss America 1964, Donna Axum, waves from a convertible in the National Cherry Blossom Festival ... [+] 'Parade of Princesses,' Washington DC, April 11, 1965. (Photo by PhotoQuest/Getty Images)

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After World War II, the famed cherry tree grove along the Arakawa River near Tokyo—the parent stock for Washington D.C.'s first trees—had fallen into disrepair. The National Park Service shipped budwood from descendants of those same trees back to Tokyo to help restore the original grove.

More than a decade later, in 1965, Japan would return the favor by gifting 3,800 Yoshino trees. First Lady Lady Bird Johnson, wife of President Lyndon Baines Johnson, and Ryuji Takeuchi, wife of Japan's Ambassador, reenacted the famous planting ceremony of 1912. Many of these trees were planted on the grounds of the Washington Monument.

Today, the cherry blossom trees are a symbol of continued friendship between the two countries.

Caring For The Trees

To ensure the health of the trees, the National Mall and Memorial Parks (NAMA) Division of the National Park Service employees a small team. They work to care not only for the nearly 4,000 cherry blossom trees, but also the more than 20,000+ trees on the 1,100 acres making up National Mall and Memorial Parks.

National Park Service

The National Park Service was created by the Organic Act of 1916 “to conserve the scenery and the natural and historic objects and the wildlife therein and to provide for the enjoyment of the same in such manner and by such means as will leave them unimpaired for the enjoyment of future generations.”

The NPS covers over 85 million acres, including 136 historical parks or sites, 84 national monuments, 63 national parks, 31 national memorials, 25 battlefields or military parks, and 84 otherwise designated national park units. In 2021, 297 million visitors stopped by an NPS site. Before Covid, park visitation routinely exceeded 300 million.

Funding

The NPS is primarily funded by Congress—in 2023, the budget request was for $3 .1 billion for operations of the national park system. The agency also receives funding through park entrance, user fees, and private philanthropy.

WASHINGTON, DC - APRIL 28: Actress Bellamy Young speaks at the Trust for the National Mall's Ninth ... [+] Annual Benefit Luncheon in West Potomac Park on April 28, 2016 in Washington, DC. (Photo by Paul Morigi/Getty Images)

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One of those philanthropic sources is the Trust for the National Mall, the non-profit partner of the National Park Service on the National Mall. According to Julie Moore, Vice President of Communications for Trust for the National Mall, their mission is to help restore, preserve, and enrich the National Mall. Preserving and protecting the 3,700 cherry trees on the National Mall is an essential part of that work and mission.

The Trust is currently raising money through its Adopt-A-Cherry Tree program. The program is the primary source of private funding for the care and maintenance of the cherry trees. According to Moore, it costs approximately $1,000 to endow a tree throughout its lifetime, including acquiring and planting a young sapling, pruning, feeding, and watering.

Today, the famed cherry blossom trees are facing challenges, including a changing climate and advanced age—remember, they're more than 100 years old. And with more than 1.5 million visitors breezing by the trees each year, celebrating the springtime blooms has become a tradition in the nation's capital.

(Can't make it to D.C.? You can keep tabs on the trees via the Bloomcam. Full disclosure: It's addictive.)

WASHINGTON D.C., UNITED STATES - MARCH 26: Cherry blossoms are in bloom around the Tidal Basin ... [+] during 'National Cherry Blossom Festival ' at National Mall on March 26, 2023 in Washington, DC, United States. (Photo by Rabia Iclal Turan/Anadolu Agency via Getty Images)

Anadolu Agency via Getty Images

The Trust has set a goal of raising $3.7 million to protect the cherry trees on the National Mall. So far, they've raised nearly $500,000 to plant new saplings and care for the trees. The aim, says Moore, is to make sure the iconic cherry trees bloom for generations to come.

Read more here https://fx7.s3-web.au-syd.cloud-object-storage.appdomain.cloud/us-taxation/US-Tax/International-Taxation-for-US-Expats-How-to-Deal-With-Capital-Gains-Tax.html

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compiledautumn · 1 year

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Will Congress Repeal Roth IRA Benefits?

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Read more here http://c6m.s3-website.ap-south-1.amazonaws.com/us-tax-expert/US-Tax/US-Expat-Taxes-The-Implications-of-Owning-Foreign-Source-Royalties-in-Singapore.html

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taxreliefservices · 5 months

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IMPORTANT TAX TERMS TO KNOW FOR THE REAL ESTATE PROFESSIONAL AND LANDLORDS

By IRS definition, rental real estate is a passive activity.

Rental real estate may have limited losses unless one of the exceptions applies.

In addition, you do not need to be a licensed real estate agent or broker to qualify as a Real Estate Professional, many real estate investors will also qualify as a real estate professional in the eyes of the IRS.

It's important to consult with a tax professional or accountant for specific guidance on how these terms and rules apply to your tax situation. Almost all tax laws have limitations, exclusions or exceptions. Also, many tax situations are based on facts and circumstances of the situation and the taxpayer’s intent, finally tax laws and regulations can and do change, sometimes yearly.

The IRS has established specific criteria to define a real estate professional for tax purposes. This designation offers certain advantages that can significantly impact the tax treatment of real estate investments.

In this posting, we will explore the IRS definition of a real estate professional and discuss the benefits associated with this status.

For those that are not real estate professionals, rental real estate losses may be limited.

Limits on Rental Real Estate Losses

If you have a loss from your rental real estate activity, two sets of rules may limit the amount of loss you can deduct. You must consider these rules in the order shown below.

1. At-risk rules. These rules are applied first if there is investment in your rental real estate activity for which you aren’t at risk.

2. Passive activity limits. Generally, rental real estate activities are considered passive activities and losses aren’t deductible unless you have income from other passive activities to offset them. However, there are exceptions.

Excess business loss limitation.

In addition to at-risk rules and passive activity limits, excess business loss rules apply to losses from all noncorporate trades or businesses. Any limitation to your loss resulting from these rules will be treated as a net operating loss that must be carried forward and deducted in a subsequent year.

At-Risk Rules

You may be subject to the at-risk rules if you have:

• A loss from an activity carried on as a trade or business or for the production of income, and

• Amounts invested in the activity for which you are not fully at risk.

In most cases, any loss from an activity subject to the at-risk rules is allowed only to the extent of the total amount you have at risk in the activity at the end of the tax year. You are considered at risk in an activity to the extent of cash and the adjusted basis of other property you contributed to the activity and certain amounts borrowed for use in the activity. Any loss that is disallowed

Passive Activity Limits

In most cases, all rental real estate activities (except those of certain Real Estate Professional) are passive activities. For this purpose, a rental activity is an activity from which you receive income mainly for the use of tangible property, rather than for services.

Deductions or losses from passive activities are limited. You generally can’t offset income, other than passive income, with losses from passive activities. Nor can you offset taxes on income, other than passive income, with credits resulting from passive activities. Any excess loss or credit is carried forward to the next tax year.

Special Allowance for Rental Real Estate Activities with Active Participation.

If you actively participated in a passive rental real estate activity, you may be able to deduct up to $25,000 of loss from the activity from your nonpassive income. This special allowance is an exception to the general rule disallowing losses in excess of income from passive activities.

Exception for Rental Real Estate with Active Participation

If you or your spouse actively participated in a passive rental real estate activity, you may be able to deduct up to $25,000 of loss from the activity from your nonpassive income. This special allowance is an exception to the general rule disallowing losses in excess of income from passive activities. Similarly, you may be able to offset credits from the activity against the tax on up to $25,000 of nonpassive income after taking into account any losses allowed under this exception.

Note: The special allowance isn’t available if you were married, lived with your spouse at any time during the year, and are filing a separate return.

Active participation.

You actively participated in a rental real estate activity if you (and your spouse) owned at least 10% of the rental property and you made management decisions or arranged for others to provide services (such as repairs) in a significant and bona fide sense. Management decisions that may count as active participation include approving new tenants, deciding on rental terms, approving expenditures, and other similar decisions.

Maximum special allowance.

The maximum special allowance is:

• $25,000 for single individuals and married individuals filing a joint return for the tax year,

• $12,500 for married individuals who file separate returns for the tax year and lived apart from their spouses at all times during the tax year, and

• $25,000 for a qualifying estate reduced by the special allowance for which the surviving spouse qualified.

If your MAGI is $100,000 or less ($50,000 or less if married filing separately), you can deduct your loss up to the amount specified above. If your MAGI is more than $100,000 (more than $50,000 if married filing separately), your special allowance is limited to 50% of the difference between $150,000 ($75,000 if married filing separately) and your MAGI.

Generally, if your MAGI is $150,000 or more ($75,000 or more if you are married filing separately), there is no special allowance.

The Real estate professionals.

If you qualify as a real estate professional as defined by the IRS for the tax year, you need to meet both of the following requirements.

• More than half of the personal services you perform in all trades or businesses during the tax year are performed in real property trades or businesses in which you materially participate.

• You perform more than 750 hours of services during the tax year in real property trades or businesses in which you materially participate.

If you qualify as a real estate professional, rental real estate activities in which you materially participated will not be treated as passive activities.

To determine whether you materially participated in your rental real estate activities, each interest in rental real estate is a separate activity unless you elect to treat all your interests in rental real estate as one activity.

Don’t count personal services you perform as an employee in real property trades or businesses unless you are a 5% owner of your employer. You are a 5% owner if you own (or are considered to own) more than 5% of your employer's outstanding stock, or capital or profits interest.

Don’t count your spouse's personal services to determine whether you met the requirements listed earlier to qualify as a real estate professional. However, you can count your spouse's participation in an activity in determining if you materially participated.

Real property trades or businesses.

A real property trade or business is a trade or business that does any of the following with real property.

• Develops or redevelops it.

• Constructs or reconstructs it.

• Acquires it.

• Converts it.

• Rents or leases it.

• Operates or manages it.

• Brokers it.

Choice to treat all interests as one activity.

If you were a real estate professional and had more than one rental real estate interest during the year, you can choose to treat all the interests as one activity. You can make this choice for any year that you qualify as a real estate professional. If you forgo making the choice for one year, you can still make it for a later year.

If you make the choice, it is binding for the tax year you make it and for any later year that you are a real estate professional. This is true even if you aren’t a real estate professional in any intervening year. (For that year, the exception for real estate professionals won’t apply in determining whether your activity is subject to the passive activity rules.)

Material participation.

Generally, you materially participated in an activity for the tax year if you were involved in its operations on a regular, continuous, and substantial basis during the year.

Material Participation in a trade or business activity isn’t a passive activity if you materially participated in the activity.

Material participation tests.

You materially participated in a trade or business activity for a tax year if you satisfy any of the following tests.

1. You participated in the activity for more than 500 hours.

2. Your participation was substantially all the participation in the activity of all individuals for the tax year, including the participation of individuals who didn’t own any interest in the activity.

3. You participated in the activity for more than 100 hours during the tax year, and you participated at least as much as any other individual (including individuals who didn’t own any interest in the activity) for the year.

4. The activity is a significant participation activity, and you participated in all significant participation activities for more than 500 hours. A significant participation activity is any trade or business activity in which you participated for more than 100 hours during the year and in which you didn’t materially participate under any of the material participation tests, other than this test. See Significant Participation Passive Activities under Recharacterization of Passive Income, later.

5. You materially participated in the activity (other than by meeting this fifth test) for any 5 (whether or not consecutive) of the 10 immediately preceding tax years.

6. The activity is a personal service activity in which you materially participated for any 3 (whether or not consecutive) preceding tax years. An activity is a personal service activity if it involves the performance of personal services in the fields of health (including veterinary services), law, engineering, architecture, accounting, actuarial science, performing arts, consulting, or any other trade or business in which capital isn’t a material income-producing factor.

7. Based on all the facts and circumstances, you participated in the activity on a regular, continuous, and substantial basis during the year. You didn’t materially participate in the activity under test (7) if you participated in the activity for 100 hours or less during the year. Your participation in managing the activity doesn’t count in determining whether you materially participated under this test if:

• Any person other than you received compensation for managing the activity, or

• Any individual spent more hours during the tax year managing the activity than you did (regardless of whether the individual was compensated for the management services).

Participating spouse.

If you are married, determine whether you materially participated in an activity by also counting any participation in the activity by your spouse during the year. Do this even if your spouse has no interest in the activity or files a separate return for the year.

I wish I could say trying to correctly determine how to qualify and apply the numerous and many times overlapping criteria is easy and straightforward.

As you can see, the actual determination may be very difficult to determine.

But if you qualify as a real estate professional under the IRS definition can offer significant tax advantages for individuals involved in real estate trades or businesses. By meeting the criteria of spending more than 50% of personal services time and substantial participation, investors can benefit from relief in passive activity loss limitations, exemption from the Net Investment Income Tax, increased deductibility of rental property expenses, and more.

I wish I could tell you that rental real estate losses and the potential passive activity limits was a simple determination.

I also wish I could tell you how simple it is to make a determination if you qualify for an exception of if you will meet the definition of a Real Estate Professional for Tax Purposes.

You can see firsthand that is not a simple process.

But if you meet the definition for a real estate professional or the exception for passive activity losses, you and your clients may open the door to significant tax savings.

At www.TaxReliefServices.com we have Tax Relief in Our DNA!

#taxable income #tax relief #taxreduction #tax #tax expert #realestate #realtor #real estate

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unclewhisky · 1 year

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A Look At How Cherry Blossom Trees Became A Symbol Of Spring—And Friendship—In The Capital

WASHINGTON, DC - MARCH 27: Cherry blossoms bloom on the grounds of the U.S. Capitol on March 27, ... [+] 2023 in Washington, DC. (Photo by Anna Moneymaker/Getty Images)

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Few things herald the coming of spring in the United States like the blooming of the cherry blossom trees around the Tidal Basin in Washington, D.C.

D.C. Cherry Blossom Tree History

Miss America 1964, Donna Axum, waves from a convertible in the National Cherry Blossom Festival ... [+] 'Parade of Princesses,' Washington DC, April 11, 1965. (Photo by PhotoQuest/Getty Images)

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Today, the cherry blossom trees are a symbol of continued friendship between the two countries.

Caring For The Trees

National Park Service

Funding

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(Can't make it to D.C.? You can keep tabs on the trees via the Bloomcam. Full disclosure: It's addictive.)

Anadolu Agency via Getty Images

Read more here https://fx7.s3-web.au-syd.cloud-object-storage.appdomain.cloud/us-taxation/US-Tax/International-Taxation-for-US-Expats-How-to-Deal-With-Capital-Gains-Tax.html

#international tax #tax expert

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