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Tips for Recently Married Taxpayers

Article Highlights: Social Security Administration IRS Notification USPS Notification Withholding & Estimated Payments Revising W-4s Insurance Marketplace Filing Status New Spouse’s Past Liabilities Capital Loss Limitations Spousal IRA Deductions Impact on Parents’ Returns Now that the honeymoon is over, there is a number of tax and financial issues newlyweds need to consider and take action [...]

By | 2017-09-05T17:41:19+00:00 September 5th, 2017|Categories: Uncategorized|0 Comments

Preparing for Your Child’s Future Education

Article Highlights: Sec. 529 plans Coverdell Education Savings Accounts American Opportunity Tax Credit The Lifetime Learning Credit Qualified Education Loan Interest Figuring out how to pay for your child’s trade school or college education can be challenging, and the earlier you create your plan and begin executing it, the greater your chances are of having [...]

By | 2017-08-30T18:38:41+00:00 August 30th, 2017|Categories: Uncategorized|0 Comments

Gambling and Tax Gotchas

Article Highlights: Winnings Losses Social Security Income Health care Insurance Premium Subsidies Medicare B & D Premiums Online Gambling Accounts Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings. In [...]

By | 2017-08-23T19:01:53+00:00 August 23rd, 2017|Categories: Uncategorized|0 Comments

Some of the most commonly seen tax issues that can arise from a divorce

Article Highlights: Divorce Court vs. Federal Tax Law Who Claims the Kids Custodial Parent Tax Liabilities Joint and Several Liability Alimony vs. Child Support If you are in the midst of a divorce, if one is on the horizon, or if you are involved in a dispute with an ex-spouse over the terms of your [...]

By | 2017-08-21T20:13:29+00:00 August 21st, 2017|Categories: Uncategorized|0 Comments

Hobby or Business? It Makes a Difference for Taxes

Article Highlights: For-Profit Businesses Not-for-Profit Businesses Nine Determining Factors Profit Presumption  Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. The differences are: Businesses Entered Into for Profit – For businesses entered into for profit, the [...]

By | 2017-08-14T23:40:56+00:00 August 14th, 2017|Categories: Uncategorized|0 Comments

Using Online Services Such as Airbnb to Rent out Your Home? Better Read This!

Article Highlights: Airbnb, VRBO, and HomeAway Rented for Fewer than 15 Days during the Year The 7-Day and 30-Day Rules Exceptions to the 30-Day Rule Schedule C Reporting Renting out your home or second home for short periods of time is becoming increasingly popular with the advent of online services that match property owners with [...]

By | 2017-08-01T21:26:56+00:00 August 1st, 2017|Categories: Uncategorized|0 Comments

Are You Considering Converting Your Home Into A Rental?

Article Highlights: Home Sale Gain Exclusion Home Sale Loss Rule Mortgage Interest Deductions  When individuals buy new homes, they often consider turning their old homes into rentals rather than selling them. All too often, that decision is made without considering the tax implications. Converting a former residence into a rental may also happen when two [...]

By | 2017-07-21T22:48:24+00:00 July 21st, 2017|Categories: Uncategorized|0 Comments

Can You Deduct a Home Office, and Is It Worth It?

Article Highlights: Qualifications Employee Issues Method Options Income Limitations Relocation “Home office” is a term used to describe the tax deduction for the business use of your home, which may or may not be an office. It is often misunderstood and claimed by those who don’t qualify for it or not claimed to the taxpayer’s [...]

By | 2017-07-17T23:38:36+00:00 July 17th, 2017|Categories: Uncategorized|0 Comments

Borrowing Money to Finance an Education?

Article Highlights: Home Equity Loan Home Equity Interest Deduction Alternative Minimum Tax Above-the-line Interest Deduction Qualified Expenses If you are considering borrowing funds to finance your education or the education of your spouse or children, you may wish to take advantage of the available tax benefits. If you itemize your deductions and have sufficient equity [...]

By | 2017-07-13T23:39:35+00:00 July 13th, 2017|Categories: Uncategorized|0 Comments

Is Solar Energy Right for You?

Article Highlights:  Solar Electric System TV Ads Do You Really Need One? System Cost Financing Solar Tax Credit Home Mortgage Interest It seems like you can’t watch TV these days without being exposed to home solar ads touting free electricity and big tax credits. Be careful, as these savings and tax credits may not be [...]

By | 2017-07-05T15:59:47+00:00 July 5th, 2017|Categories: Uncategorized|0 Comments