The IRS recently announced that the tax credit for purchasing the popular Tesla is being phased out and that the credit will drop to $3,750 after December 31, 2018, and will drop again to $1,875 after June 30, 2019. Then, the credit will no…
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If you use independent contractors to perform services for your business or your rental that is a trade or business, for each individual whom you pay $600 or more for the year, you are required to issue the service provider and the IRS a Form…
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The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before getting into these changes, it is appropriate to first provide a review of the…
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If you have a second home in a resort area, or if you have been considering acquiring a second home or vacation home, you may have questions about how rental income is taxed for a part-time vacation-home rental.
The applicable rental rules…
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Taxpayers are required to pre-pay their taxes for any tax year through payroll withholding, estimated tax payments or a combination of the two. Employees and retirees generally accomplish this through withholding, and self-employed individuals…
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A new year is nothing if not a new opportunity – and one that it would be an absolute shame not to take full advantage of. Every January, people make countless New Year’s resolutions. Some want to lose weight; others want to become more…
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Entrepreneurs often shrug off the idea of obtaining an employer identification number, or EIN, believing that their small business really doesn’t need one. Though there are some cases where a solo business can get away with merely utilizing…
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As they do at the beginning of every year, employers will be requesting employees to complete the IRS Form W-4. Its purpose is to provide employers with the information they need to determine the amount of federal income taxes to withhold from…
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With the advent of online sites such as Airbnb, VRBO, and HomeAway, many individuals have taken to renting out their first or second home through these online rental sites, which match property owners with prospective renters. If you are doing…
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Tax time is just around the corner, and if you are like most taxpayers, you are finding yourself with the ominous chore of pulling together the records for your tax appointment.
The difficultly of this task depends upon how well you maintained…
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Some Electric Vehicle Credits Are Phasing Out!
2018 Tax LawsFiling a 1099-MISC May Now Apply to Landlords. Are You Collecting the Needed W-9s?
2018 Tax Laws, Real EstateIncreased Business-Vehicle Deductions Due to Tax Reform
BusinessVacation Home Rentals: How the Income Is Taxed
Real EstateIRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes
2018 Tax Laws, TaxesHere’s How to Use 2019 as a Chance to Save More Money Than Ever in the Long Run
Retirement, SavingsReasons Why Your Small Business Needs an Employee Identification Number
Business, Business DevelopmentGetting the W-4 Right Is Important
Business, TaxesShort-Term Rental, Special Treatment
2018 Tax Laws, Real Estate, Small Business, TaxesTax Time Is Around the Corner! Are You Ready?
2018 Tax Laws, Tax Tips, Taxes