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Tax Freedom Fighters
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Using Online Agents to Rent Your Home Short Term? You May Be Surprised at the Tax Ramifications - Article Highlights: Schedule C vs. Schedule E  Rentals of Less Than15 Days  Rentals of 7 Days or Less  Rentals of 8 to 30 Days  Exception to the 30-Day Rule  If you are among the many taxpayers renting your first or second home using rental agents or online rental services that match property owners with prospective renters, such as Airbnb, VRBO and HomeAway, then you should know the IRS has sp...
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Driving For Uber Or Others? Your Tax Situation Is Unique - Article Highlights: 1099-K Schedule C  Uber and Credit Card Fees  Record Keeping  Vehicle Expense Options  Home Office  Other Options  With tax time approaching, if you drive for Uber or a competitor, here is some tax information related to reporting your income. You are considered self-employed and will report your income and deductible expenses on IRS Schedule C to arrive at your taxable income for income tax and self-employment t...
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Divorced, Separated, Married or Widowed This Year? Unpleasant Surprises May Await You at Tax Time - Article Highlights: Separated Taxpayers  Divorced Taxpayers  Recently Married Taxpayers  Widowed Taxpayers  Filing Status  Joint and Several Liability  Who Claims the Children  Alimony  Community Property States  Affordable Care Act  Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. Thes...
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Senate Passes Tax Bill; What's Next? - Article Highlights: Tax Cuts and Jobs Act Heads To Reconciliation Tax Rates Medical Deductions Deduction For Taxes Home Mortgage Interest Tax on Business Pass-Through Income Alternative Minimum Tax (AMT) Business Expensing Repeal of ACA Health Insurance Mandate The Senate GOP finally brought their version of the Tax Cuts and Jobs Act out of committee and before the full Senate, and it passed by a narrow margin of 51-49 down party lines. The only dissen...
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Sold Your Home This Year? Thinking of Selling? Read This! - Article Highlights: Home Sale Exclusion  2 out of 5 Rule  Business Use of the Home  Gain or Loss from a Sale  Previous Use as a Rental  Records  If you sold your home this year, or if you are thinking about selling it, you should be aware of the many tax-related issues that could apply to that sale so that you will be prepared at tax time and not have to deal with unpleasant surprises. This article covers home sales and the home-sa...
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Important Things to Know About IRAs - Article Highlights: IRA Contribution Limits  Compensation  Active Participation  Traditional IRA  AGI Phaseouts  Nondeductible Contributions  Spousal IRA  Roth IRA  Back Door Roth IRA  Penalties  Rollovers  Conversions  Required Minimum Distributions  The individual retirement account (IRA) is one of the favored ways to save money for retirement. There are two types of IRAs: the traditional IRA and the Roth IRA. The annual maximum that an individual can...
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2017 TAX DEDUCTION FINDER & PROBLEM SOLVER - To get ready for your tax appointment, we use tax organizers to help us identify missing tax deductions and get you more organized before your appointment. We update the tax organizer annually to make sure you are compliant with the latest tax law changes. The 2017 individual tax organizer is provided in three configurations to assist you in collecting relevant tax information needed to properly prepare your tax return. Access any of the three ve...
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Working with Downloaded Transactions in QuickBooks Online - Downloading transactions into QBO is the easy part. You still have work to do once they’re on board. Its ability to download financial transactions is one of the five best things about QuickBooks Online. Without it, you’d spend a lot of time on tedious data entry, verifying which checks and deposits had cleared and entering new ones. Instead, you can easily connect to your bank and bring in all your activity from the previous hours...
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How to Save for a Child's College Education - Article Highlights: Planning for a Child's College Education Tax-Favored Plans Tax-Free Earnings Coverdell Accounts Qualified Tuition Plans Have Others Contribute Gift Tax Issues A frequently asked question is, 'How might I save for a child's college education?' The answer depends on how much the education is expected to cost and how much time is left until the child heads off to college or university. The amount of funds that will be required w...
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Year-end Tax Planning Individual Strategies - Year-end is rapidly approaching and you only have a limited time to utilize tax-saving strategies. Watch the tips below to help minimize your tax bill.
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