Robert E. Kim, CPA - Agent 1040

04/06/2021

Fair Market Value (FMV) is used whenever an item is bought, sold, or donated that has tax consequences. How do you know when this applies to you? The most common examples are:
- Buying or selling your home or another real estate
- Buying or selling personal property
- Buying or selling business property
- Establishing values of other business assets like inventory
- Valuing charitable donations of personal goods and property like automobiles
- Valuing bartering of services
- Valuing transfer of business ownership
- Valuing the assets in an estate of a deceased taxpayer
theagent1040.com

04/06/2021

Unfortunately, many people didn't receive their stimulus checks. This is something you need to be aware of if you or someone you know did not receive them. Here is what you can do about it!
theagent1040.com

03/29/2021

Happy Monday! Taxes seem to be a scary topic for a lot of people who are not aware of new tax updates as a result of the pandemic. Make sure you are staying on top of what you need to know!✔💵

http://theagent1040.com/

03/24/2021

One of the most common areas where fair market value is used is in gauging the worth of tax-deductible donations. The Internal Revenue Service warns against taking an overly formulaic approach to this task. Factors such as an asset’s desirability, use and scarcity must be considered, as well as the difference in time between an asset’s acquisition and its donation. Here are the things you should keep in mind:

- Properly document donations.

- Donate capital items like automobiles to the correct places.

- Get an appraisal.

- Keep copies of similar items and transactions.

- Take photos of documents.

- Keep good record!

Robert E. Kim, CPA - Agent 1040

https://theagent1040.com/

03/22/2021

What you need to know! A surprise tax break for 2020 was passed into law in March of 2021. This late, late, late law change is creating havoc within the system. So much so that the individual tax filing due date AND payment of tax is delayed from April, 15 to May 17, 2021. Furthermore, unemployment income received by millions of taxpayers in 2020 may now be tax free! Here is what you need to know ---> https://myinteger.com/member/robert-e-kim-cpa/learn/tax-tips

03/17/2021

It might be difficult to stay on top of every tax update and tax law during the pandemic. Many of Americans received unemployment during this tough period. So on this episode, Robert E. Kim breaks down how taxes will work with people who received unemployment. This is an important one especially if you or people you know received any unemployment! - Robert E. Kim, CPA - Agent 1040

It might be difficult to stay on top of every tax update and tax law during the pandemic. Many of Americans received unemployment during this tough period. So on this episode, Robert E. Kim breaks down how taxes will work with people who received unemployment. This is an important one especially if....

03/15/2021

There's is nothing better than building a real relationship with a client! Thanks for the kind words Francis! 😀
theagent1040.com

03/12/2021

What's the update on taxes in 2021? Well momentum builds for delaying tax deadline.🤔
"House Ways and Means Committee chairman Richard E. Neal, D-Massachusetts, and Oversight Subcommittee chairman Bill Pascrell, Jr., D-New Jersey, on Monday urged the IRS to extend the 2021 tax filing season until July 15, noting that the COVID-19 pandemic is continuing to impose a “titanic strain” on the agency as well as taxpayers." - Michael Cohn, Accounting Today

Make sure to Share so your family and friends don't miss upcoming tax updates and announcements!

👉 Robert E. Kim, CPA - Agent 1040

03/11/2021

So grateful for our amazing clients! 😀 Thank you Marci - Robert E. Kim, CPA - Agent 1040

www.theagent1040.com

03/10/2021

The Agent 1040 Podcast is now live on Apple Podcasts! 🎧💸🗒
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https://podcasts.apple.com/us/podcast/the-agent-1040-podcast/id1556557622?i=1000511506679