It’s summer time already that means school vacations, child care and self employed teens. There are 2 summer events parents need to think about. That is childcare for your little ones and what teenagers need to do. These tips will help you manage the summer finances a little easier for you as parents. This article will also explain what teens who earn money from a summer job should do. Continue reading
Room Rentals Generate Good Income
Are you familiar with how the IRS treats the income and expenses for when you rent rooms in your home? Due to the shortage of affordable housing these days, many homeowners are renting out rooms in their homes, providing themselves with some additional cash. Some questions that often come up in regard to room rentals include: Is the income taxable? If so, how do I report the income from a room rental? What deductions can I take on my tax form? Can I claim a loss on rent? Answers to these questions are as follows: Continue reading
Are You Ready for Tax Season? Time to Gather Your Information for Your Tax Appointment
We are aware of what it takes to get ready for tax season. Are you ready for tax season? Like most taxpayers, you have the overwhelming task of pulling together all the records for your tax appointment. This blog is Part 2 of Tax Time 2019 Is Around the Corner, and has additional suggestions as to how to get ready for tax season.
It’s Tax Time 2019, Time to Gather Your Information for Your Tax Appointment
When we say Tax Time 2019 is just around the corner, like most taxpayers, you are finding yourself with the massive chore of pulling together the records for your tax appointment. The difficulty of this task depends upon how well you maintained your tax records throughout the year. This is Part 1 of Tax Time 2019 is Around the Corner, Are You Ready? No matter how good your record keeping was, arriving at your tax appointment full and accurate tax information will give us more time to: Continue reading
IRS Issues 2019 Mileage Rates
The Internal Revenue Service published the 2019 mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Continue reading
Tax Reform is confusing to Many People.
Yes, tax reform is confusing; however, in this article we will make it easier to understand. This year has flown by so fast, and tax reform is in full swing. We decided to put together a side-by side comparison of the old and new law. All that is left to close this deal is filing that first tax return to the IRS. Below is an infographic to help you maneuver all the details behind Tax Reform. Below we will break down this very long infographic for you into pieces for an easier understanding. Are you ready? Continue reading
Minimizing Tax on Social Security Has An Income Factor
Often, people ask, “How do I go about minimizing tax on social security income?” Let’s face it, people make very little on social security income and it is only going to get harder and harder. How much (if any) of your Social Security benefits are taxable depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits.
For this discussion, the term “Social Security benefits” refers to the gross amount of benefits you receive (i.e., the amount before any reductions due to payments withheld for Medicare premiums). For tax purposes, Social Security benefits are treated Continue reading
Top 6 Tax Scams List Put Out by the IRS
Are your taxes done? If you haven’t and you are feeling the pressure to get them done. There are unscruplous tax preparers out there who will try to make you feel very good about a great big refund. However, the truth is, they are scamming you. This list will show you how they deceive you with unethical tax preparation practices. Instead of getting caught in this ordeal, we suggest you file an extension.
The IRS recently put this list of the top six tax scams on the website to help you avoid being caught victim to illegal tax practices. If you fall victim to one or more of these tax scams, you could end up with tax penalties, interest and worse, no refund! Continue reading
If you are considering converting your home to a rental, there are a number of tax issues you need to consider before making a final decision.
What You Should Consider Before Converting Your Home to a Rental
One of the first issues to consider is that by converting your home to a rental, your main home that is, you may give up an opportunity to realize tax-free income. Currently, taxpayers are allowed to Continue reading
Pumpkin season with ghouls and goblins are upon us and so are the October tax due dates. Don’t get spooked by it all, at least the tax due dates anyway. Read below for what a person’s or business’ tax responsibility may be for the month of October 2016. Halloween is not the most frightening part of October. If you are not ready for your tax deadlines, you could have a very scary experience when it comes time to file your tax returns in April.