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The IRC (Internal Revenue Code) has many features that enable the smart taxpayer from having to pay large amounts of taxes to Uncle Sam. However, if you are not an Enrolled Agent, Certified Public Accountant or a Tax Attorney, then the task of using a tax software program without knowledge of the IRC can be daunting if not downright impossible.

Tax Organizer

One of the most important items/concepts for a self-employed professional to remember is that in order to diminish your tax liability, a Tax Preparer has to know your life inside and out by asking tons and tons of questions. If the right questions are not asked, then your tax liability can be staggering. Your Tax Preparer almost has to act like your personal doctor. It’s very difficult if not impossible for an individual to know what is deductible and what isn't.

Self-Employed Schedule C

Many tax software programs will state that the tax code permits a loss on a Schedule C (self-employed) business, but having worked for Uncle Sam and audited many types of businesses, experience has taught me that the IRS scrutinizes businesses that generate a loss. And even though the business may have legitimately generated a loss, an IRS auditor may have the prerogative to open other parts of the tax return as well as previous tax returns. These are the gems of knowledge that a software program cannot give you.

Rental Property Schedule E

Whether your property is located in the United States or in Mexico, all rental income must be reported on the 1040 tax return. The key to minimizing your tax liability that pertains to rental income is to know what expenses can be used to legitimately offset some of the income.

The Foreign Tax Exclusion

If you qualify for the Foreign Tax Exclusion, a good percentage of your earned income may be reduced significantly by the exclusion. Since the exclusion is substantial, all of the criteria specified in the IRC must be followed to the letter. Our experience and expertise has benefited many of our clients located overseas who’s income has met the criteria.