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Tax Issues Related to Renting Your Vacation Home  

Tax Issues Related to Renting Your Vacation Home  

Do you own a second home at the beach, in the mountains, or some other getaway location, or are you thinking about buying one? If so, then you may have thought about the possibility of renting it out. Though many people would never consider inviting renters into their vacation home, preferring to keep it for themselves and their family, doing so can offset some of the expenses related to the property, and you may even reap a tax benefit at the same time.

Taxes and Divorce

Taxes and Divorce

If you are recently divorced or are contemplating divorce, you will have to deal with or plan for significant tax issues such as asset division, alimony, and tax-return filing status. If you have children, additional issues include child support; claiming of the children as dependents; the child, child care, and education tax credits; and perhaps even the earned income tax credit (EITC). 

3 Reasons Paying Your Bills Early Will Benefit You

3 Reasons Paying Your Bills Early Will Benefit You

If there’s anything we all learned from 2020, it’s that things can change in a heartbeat and that the unexpected can create real havoc. Though there’s nothing you can do to stop fate’s freight trains from barreling down the tracks, there are steps you can take to minimize the stress you feel in its aftermath. One of those steps is both simple and remarkable in the power of its impact: Start paying your bills ahead of time, before they are due.

Tax Deductions Related to Charity Auctions

Tax Deductions Related to Charity Auctions

It is common practice for charities to hold auction events where attendees will bid upon and purchase items. The questions often arise whether (1) the money spent on the items purchased constitutes a charitable donation and (2) what kind of charitable deduction the individual who contributed the item is entitled to. 

Haven’t Received Your Tax Refund Yet?

Haven’t Received Your Tax Refund Yet?

You are not alone. We have been hearing from clients who are still waiting on refunds from returns filed early in the year. In normal times, unless there is an error, the IRS will issue most refunds in less than 21 calendar days. However, 2021 is far from being a normal year for a number of reasons.

Don’t Lose Your Passport Because of Unpaid Federal Debt

Don’t Lose Your Passport Because of Unpaid Federal Debt

The U.S. Department of State generally will not renew a passport or issue a new passport to taxpayers after receiving a certification of “seriously delinquent” tax debt from the IRS, and they may revoke or place limitations on current passports. Generally, you can use your passport until you’re notified by the U.S. Department of State that it’s taking action to revoke or limit your passport.

Unpaid Debt Taking Your Tax Refund? 

Unpaid Debt Taking Your Tax Refund? 

We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never arrived?  It may be because you have outstanding federal or state debts—and not just tax-related debts.  The Treasury Department’s Bureau of the Fiscal Service (BFS) issues federal tax refunds, and Congress authorizes BFS to reduce your refund through its Treasury Offset Program (TOP) to pay the following…

June 2021 Due Dates for Individuals & Businesses

June 2021 Due Dates for Individuals & Businesses

June 2021 Individual Due Dates June 1 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2020. The FMV of an IRA on the...

Consequences of Filing Married Separately

Consequences of Filing Married Separately

Couples who are married on the last day of the tax year basically have two filing status options when filing their tax returns: either married filing jointly (MFJ) or married filing separately (MFS) returns. Generally, filing MFJ will produce the better tax result. However, other factors – usually personal or financial rather than tax-related – can come into play that cause taxpayers to choose to file MFS returns.

Defer Taxes with Installment Sales

Defer Taxes with Installment Sales

Selling a property one has owned for a long period of time will frequently result in a large capital gain, and reporting all of the gain in one year will generally expose the gain to higher than normal capital gains rates and subject the gain to the 3.8% surtax on net investment income.

May 2021 Due Dates

May 2021 Due Dates

May 2021 Individual Due Dates May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 1110. Your employer is...

5 Tips for Operating a Successful Gaming Business

5 Tips for Operating a Successful Gaming Business

When you were growing up, you dreamed of being able to one day play video games for a living – finding a way to make a career out of your favorite hobby. Technology has made it so that many gamers have turned that dream into a reality. However, gaming as a business is much more than simply playing video games; the business aspect is equally important. Here are some business tips for gamers that will help to ensure your passion can turn into a successful venture.

Great News, Child Care Tax Credit Expanded for 2021

Great News, Child Care Tax Credit Expanded for 2021

Great news if you are paying childcare expenses that enable you to work. As part of President Biden’s American Rescue Plan Act (ARPA) signed into law on March 11, 2021, the child and dependent care tax credit has been substantially increased. Here are the details:

Big Increase in Child Tax Credit For 2021

Big Increase in Child Tax Credit For 2021

An increased child tax credit is part of President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. This stimulus package, which was passed by Congress on March 10, 2021 and is known as the American Rescue Plan Act, will provide lower-income parents with substantial financial assistance and support various other efforts to stimulate the economy.