Archive

14Sep2017

Avoid Being Scammed by Fake Hurricane Charities

    Article Highlights: Fraudsters Urgent Appeals Tips to Avoid Scams & ID Theft Tax Documentation of Cash Contributions Whenever there is a disaster such as Hurricane Harvey or Hurricane Irma, the lowlifes show up and try to scam generous individuals out of money intended to go to victims of the disaster. Don’t you be
  • 14 Sep, 2017
  • Jacqueline Cran
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05Sep2017

Common Tax Issues Due to a Divorce

  Article Highlights:                                                                                                                                 Divorce Court vs. Federal Tax Law Who Claims the Kids Custodial Parent Tax Liabilities Joint and Several Liability Alimony vs. Child Support If you are in the midst of a divorce, if one is on the horizon, or if you are involved in a dispute with an ex-spouse over the terms
  • 5 Sep, 2017
  • Jacqueline Cran
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31Aug2017

Tips for Recently Married Taxpayers

    Article Highlights: Social Security Administration IRS Notification USPS Notification Withholding & Estimated Payments Revising W-4s Insurance Marketplace Filing Status New Spouse’s Past Liabilities Capital Loss Limitations Spousal IRA Deductions Impact on Parents’ Returns   Now that the honeymoon is over, there is a number of tax and financial issues newlyweds need to consider
  • 31 Aug, 2017
  • Jacqueline Cran
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28Aug2017

Using Online Services Such as Airbnb to Rent out Your Home? Better Read This!

    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 Renting out your home or second home for short periods of time is becoming increasingly popular with the advent of online services that match property
  • 28 Aug, 2017
  • Jacqueline Cran
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24Aug2017

Gambling and Tax Gotchas

  Article Highlights: Winnings Losses Social Security Income Health care Insurance Premium Subsidies Medicare B & D Premiums Online Gambling Accounts Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings.
  • 24 Aug, 2017
  • Jacqueline Cran
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21Aug2017

Tax Breaks for Military Personnel

  Article Highlights: Residence or Domicile Moving Expenses Combat Pay Exclusion Living Allowances Home Mortgage Interest and Taxes Home Sale Gain Exclusion Reservist Travel Expenses Reservist Early Withdrawal Exception Extension of Deadlines Uniform Costs and Upkeep Joint Returns Tax Forgiveness ROTC Students Transitioning Back to Civilian Life Military service members have special obligations and take
  • 21 Aug, 2017
  • Jacqueline Cran
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17Aug2017

Preparing for your Child’s Future Education

  Article Highlights: Sec. 529 plans Coverdell Education Savings Accounts American Opportunity Tax Credit The Lifetime Learning Credit Qualified Education Loan Interest Figuring out how to pay for your child’s trade school or college education can be challenging, and the earlier you create your plan and begin executing it, the greater your chances are of
  • 17 Aug, 2017
  • Jacqueline Cran
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04Aug2017

Elusive Employee Business Expense Tax Deduction

  Article Highlights: Employee versus Self-Employed Itemized Deduction Two Percent of AGI Limitation Alternative Minimum Tax Limitation Ordinary and Necessary Requirement One major difference between being an employee and being self-employed is how you deduct the expenses you incur related to your work. A self-employed individual is able to deduct expenses on his or her
  • 4 Aug, 2017
  • Jacqueline Cran
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27Jul2017

Is Solar Energy Right for You?

    Article Highlights: Solar Electric System TV Ads Do You Really Need One? System Cost Financing Solar Tax Credit Home Mortgage Interest It seems like you can’t watch TV these days without being exposed to home solar ads touting free electricity and big tax credits. Be careful, as these savings and tax credits may
  • 27 Jul, 2017
  • Jacqueline Cran
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24Jul2017

Hobby or Business?

Article Highlights: For-Profit Businesses Not-for-Profit Businesses Nine Determining Factors Profit Presumption Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. The differences are: Businesses Entered Into for Profit – For businesses entered into for profit, the
  • 24 Jul, 2017
  • Jacqueline Cran
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