Watch out. The Feds are coming after small businesses, homeowners, and Ebay sellers, as well as real estate investors.
There’s a $300 billion tax gap per year either because all the taxes are not being collected from these groups or people are fudging on their tax returns.
That means real estate investors will be particularly affected because the government believes investors and homeowners are deducting more property taxes and [tag-tec]mortgage interest[/tag-tec] than the law allows.
Our chances of getting audited have just gone up. It is absolutely vital we keep very good records. Let me repeat that. Make certain your records can hold up against an audit.
But keep in mind if either party increases the resources of the [tag-ice]I.R.S.[/tag-ice], which would be necessary in order to make all of this happen, it would not go down favorably with voters.