Article Highlights: Definition of a Dwelling Unit The Augusta Rule Personal Use Days Taxpayer Uses It Over 10% of the Rental Days Definition of Rental Days Definition of Personal-Use Days Fix-Up Days Allocating Expenses Short-Term Rentals Room Rentals Renting to a Relative Fair Rental Value Owning a dwelling unit that is used as a vacation […]
Dealing with the IRS can be a daunting experience, especially when you receive an audit notice. Understanding the different types of IRS audits and what each entails can help you navigate the process more effectively. However, it’s crucial to recognize that handling an audit is not a DIY task. Professional assistance can make a significant […]
Proper accounting is the backbone of any successful small business. It ensures that your financial records are accurate, helps you make informed decisions, and keeps you compliant with tax regulations. However, many small business owners, who juggle multiple responsibilities, often commit common accounting mistakes that can lead to significant issues down the line. Avoiding these […]
Property taxes are a significant financial burden for many Americans, particularly senior citizens. Rising property taxes have begun to jeopardize the financial stability of older adults living on fixed incomes. In response, some states are implementing reforms and rebate programs to alleviate this burden, while others are considering eliminating property taxes altogether. Here, we explore […]
Article Highlights: Tax-related Identity Theft Immediate Steps for Taxpayers Report the Incident to the IRS Contact Other Agencies Secure Your Personal Information Stay Vigilant How the IRS Protects Taxpayers Special Number for Filing Tax Returns Obtaining an Identity Protection PIN (IP PIN) In an era where digital transactions and online interactions have become the norm, […]
Throughout history, taxes have been a fundamental aspect of governance, often reflecting the economic and social priorities of the times. While many taxes are straightforward, aimed at income, property, or sales, some historical taxes have been quite unusual. These peculiar levies tend to reveal the solutions government officials devised to deal with societal challenges during […]
July 2024 Individual Due Dates July 1 – Time for a Mid-Year Tax Check Up Time to review your 2024 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 – Report Tips to Employer If you are an employee who works for tips and received […]
Article Highlights: Who Qualifies for the Self-Employed Health Insurance Deduction? Self-Employed Individuals Partners in Partnerships S Corporation Shareholders Where is the Deduction Claimed? The Tax Benefit What Insurance Qualifies Limitations and Restrictions In the labyrinth of tax regulations, the self-employed health insurance deduction stands out as a beacon of relief for self-employed individuals, partners in […]
Maintaining a clear and effective budget is crucial for success. Yet, many businesses are overwhelmed by day-to-day operations, often making financial decisions without a solid forecast. This can lead to unexpected financial troubles and missed growth opportunities. As accounting professionals, we understand the challenges you face. We are here to offer insights on how a […]
Starting a business is a thrilling adventure, filled with dreams of innovation, independence, and financial success. However, the reality of entrepreneurship often involves long hours, relentless challenges, and financial uncertainty. As tax and accounting professionals, we have seen firsthand the struggles that startups face. One of the most critical lessons for new entrepreneurs is understanding […]