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14 08, 2017

Hobby or Business? It Makes a Difference for Taxes

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

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 [...]

1 08, 2017

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

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

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 [...]

21 07, 2017

Are You Considering Converting Your Home Into A Rental?

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

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 [...]

17 07, 2017

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

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

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 [...]

13 07, 2017

Borrowing Money to Finance an Education?

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

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 [...]

5 07, 2017

Is Solar Energy Right for You?

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

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 [...]

3 07, 2017

Thinking of Tapping Your Retirement Savings? Read This First

By | 2017-07-03T16:30:49+00:00 July 3rd, 2017|Categories: Uncategorized|0 Comments

Article Highlights: Early-Withdrawal Penalties Reduction in Retirement Savings Exceptions from the Early-Withdrawal Penalty If you are looking for cash for a specific purpose, your retirement savings may be a tempting source. However, if you are under age 59½ and plan to withdraw money from a traditional IRA or qualified retirement account, you will likely pay [...]

30 06, 2017

Expenses From Looking For Work May Be Tax-Deductible

By | 2017-06-30T20:04:11+00:00 June 30th, 2017|Categories: Uncategorized|0 Comments

Article Highlights: Schedule A Travel Expenses Résumé Preparation Job-Placement Services Unemployment Income Health Insurance If you are looking for work, some of the expenses you incur may be tax-deductible, provided that you are looking for work within the same field. Unfortunately, expenses incurred when searching for a job in a new field or a first [...]

23 06, 2017

Can’t Pay Your Tax Liability

By | 2017-06-23T19:22:25+00:00 June 23rd, 2017|Categories: Uncategorized|0 Comments

Article Highlights: Failure to File Failure to Pay Borrowing from Family Home-Equity Loans Credit Cards Installment Agreements Pension Plans If you are unable to pay your tax liability for 2016, here is some information that you need to know. Most importantly, you should not let your inability to pay your tax liability in full keep [...]

17 04, 2017

Tax Implications of Crowdfunding

By | 2017-04-17T21:19:54+00:00 April 17th, 2017|Categories: Uncategorized|0 Comments

Article Highlights: Crowdfunding Sites Gifts Charitable Gifts Business Ventures SEC Registration Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. [...]