Freedom Tax Service

Fairly new client, have done his tax return 2 years. sold a rental condo. Had to calculate prior depreciation as they “could not find” prior tax returns. Now come to find out, date I used was date purchased, not date placed in service. Can I correct it in my software? Do I need to file a form showing corrected dates? Tia!!

For my business owners…don’t PAY a dime until they fill out that W9!

If you pay someone to do contractual work for you, you need to have them fill out a W9 before the job even starts because once they have that money you will not be able to track them down to fill out the form.

And without a W9 you will not be able to write off what you paid out. Which means you’ll be paying taxes on money that someone else got to enjoy.

I don’t know about y’all but I barely like to pay taxes on the money I enjoy, I definitely DO NOT want to pay taxes on money that someone else spent!

Come back here tomorrow for more tax tips💜