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John W. Weldon CPA
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Short-Term Rental, Special Treatment - 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  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 that or are planning to do so, there ...
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Getting the W-4 Right Is Important - Article Highlights: W-4 Complications  Working Spouse  Adjusting Refund  Other Income and Tax Issues  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 an employee’s paycheck. So, it is very important that the form be completed correctly. The problem is that as si...
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Tax Time Is Around the Corner! Are You Ready? - Article Highlights: Time to gather your information for your tax appointment  New for 2018  Choosing your alternatives  Tips for pulling your information together  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 your tax records throughout the year. N...
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Don't Be a Victim of Cybercrooks - Article Highlights: What They Are After  Email Attachments or Links  Emails from the IRS  Detecting Phony Email Addresses  Embedded Hyperlinks  Security Software  Strong Passwords  IRS Phone Calls  Educate the Elderly  Too Good to Be True  Well, here it is: 2019. The holiday season is over, and the season for preparing tax returns is about to begin. But unfortunately, it is also the season for scammers who are out to steal your identity, swindle you out of...
Don't Be a Victim of Cybercrooks
Don't Be a Victim of Cybercrooks
blog.johnweldoncpa.com
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Big Tax Changes for Divorce Decrees after 2018 - Article Highlights: Pre-2019 Alimony  Post-2018 Alimony  Definition of Alimony  Alimony and IRA Contributions  State Treatment of Alimony Welcome to 2019 and a delayed provision of the tax reform, also known as the Tax Cuts and Jobs Act (TCJA). For divorce agreements entered into after December 31, 2018, or pre-existing agreements that are modified after that date to expressly provide that alimony received is not included in the recipient’s i...
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Some Electric Vehicle Credits Are Phasing Out! - Article Highlights: How the Credit Amount Is Determined  Manufacturer Phaseouts  Credit for Specific Vehicles  Allocation between Business and Personal Use  Non-refundable Limitations  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 longer be available ...
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Attention S Corp Business Owners! Are You Paying Yourself a Reasonable Salary? - S Corporations have very specific requirements when it comes to taxation and compensation. This has led many of those responsible for payroll and bookkeeping at S corporations to make the mistake of failing to provide those shareholders with W-2 wages.
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January 2019 Individual Due Dates - January 2 - Time to Call For Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded.January 10 - Report Tips to Employer - If you are an employee who works for tips and received more than $20 in tips during December, you are required to report them to your employer on IRS Form 4070 no later than January 10.January 15 -...
January 2019 Individual Due Dates
January 2019 Individual Due Dates
blog.johnweldoncpa.com
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Will Gifts Now Using the Temporarily Increased Gift-Estate Exclusion Harm Estates after 2025? - Article Highlights: Annual Gift Exclusion  Unified Gift-Estate Exclusion  Tax Reform’s Temporary Exclusion Increase  Taxpayer-Friendly Regulations Individuals with large estates generally want to gift portions of their estate to beneficiaries while they are still living, to avoid or lessen the estate tax when they pass away. That can be done through annual gifts (up to the inflation-adjusted annu...
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2019 Standard Mileage Rates Announced - Article Highlights: Standard Mileage Rates for 2019  Business, Charitable, Medical and Moving Rates  Important Considerations for 2019  Switching between the Actual Expense and Standard Mileage Rate Methods  Employer Reimbursements  Employee Deductions Suspended  Special Allowances for SUVs  The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the stan...
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