Archive

31Oct2016

Thinking of Converting Your Home to a Rental?

    Article Highlights: Home Gain Exclusion Converting Homes that Have Declined in Value Converted Basis Passive Loss Limitations If you are considering converting your home to a rental, there are a number of tax issues you need to consider before making a final decision. One of the first issues to consider is that by
  • 31 Oct, 2016
  • Jacqueline Cran
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24Oct2016

Don’t Be Left Holding the Tax Bag

  Article Highlights: Paying Independent Contractors 1099-MISC Reporting Threshold Form W-9 Benefits Penalties Due Date If you use independent contractors in your business and pay them $600 or more during the calendar year, you are required to issue them a 1099-MISC after the close of the year. If you fail to do so, and your
  • 24 Oct, 2016
  • Jacqueline Cran
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20Oct2016

Who Claims the Child? You or Your Ex-Spouse?

  Article Highlights: Custodial Parent Dependency (Exemption) Release Joint Custody Tiebreaker Rules Child’s Exemption Head of Household Filing Status Tuition Credit Child Care Credit Child Tax Credit Affordable Care Act Earned Income Tax Credit If you are a divorced or separated parent with children, a commonly encountered but often-misunderstood issue is who claims the child
  • 20 Oct, 2016
  • Jacqueline Cran
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18Oct2016

9 Finance Tips All Business Owners Should Follow

    Business owners are experts at their industry. You know your products and services well – better than the competition. You know how to reach those customers, too. But, managing what’s behind the scene isn’t always as easy. With the right tools and resources, including a professional by your side, you can enhance the
  • 18 Oct, 2016
  • Jacqueline Cran
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13Oct2016

Looking for Ways to Maximize Your Retirement Contributions?

    Article Highlights: Key Benefits Solo 401(k) Contributions Discretionary Funding Where Deducted Deadlines Roth Option If you are a sole proprietor with no full-time employees other than yourself and/or your spouse, and you are seeking to maximize your retirement plan contributions, a Solo 401(k) may be right for you. The key benefits of a
  • 13 Oct, 2016
  • Jacqueline Cran
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10Oct2016

Ingenious Scam Targets Taxpayers

  Article Highlights: Scammers Change Tactics Fake IRS Mail Notices Have Your Tax Preparer Review Notice Crooks have tried all sorts of e-mails scams, but almost everyone has figured out that the IRS does not send out notices by e-mail. So crooks have changed their tactics. Now, there are reports of taxpayers receiving by mail
  • 10 Oct, 2016
  • Jacqueline Cran
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06Oct2016

Time is Running Out: Extended Tax Due Date Just Around the Corner

    Article Highlights: Extended Tax Due Date Funding Retirement Plans K-1 Due Dates Late Filing Penalty Interest on Amount Due If could not file your 2015 return by the normal April due date and requested an extension, be aware that the final due date for your return is October 17, 2016. The date is
  • 6 Oct, 2016
  • Jacqueline Cran
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05Oct2016

October 2016 Due Dates

  October 2016 Individual Due Dates   October 11 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 11. Your employer is required to
  • 5 Oct, 2016
  • Jacqueline Cran
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03Oct2016

Hobbies and Income Tax

    Article Highlights: Hobby, Trade, or Business Profit Motive Factors Determining Profit Motive Presumption of Profit Motive Tax Treatment of Hobbies Millions of U.S. taxpayers engage in hobbies such as collecting stamps or coins, refurbishing old cars, making crafts, painting or breeding horses, and the list goes on. Some hobbies will actually generate income,
  • 3 Oct, 2016
  • Jacqueline Cran
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