Jul 21, 2022 | Tax Tips
Working at a tender age is an American tradition. What isn’t so traditional is the notion of kids contributing to their own IRA, especially a Roth IRA. But it should be a tradition, because it’s a really good idea. Here’s what you need to know about IRAs for kids....
Jul 20, 2022 | Tax Tips
Do you have a beach or mountain home that you rent out? If the average period of rental is less than 30 days, you likely have a choice—either • claim the income and expenses on Schedule C, or• claim the income and expenses on Schedule E. When Is Schedule C a Good...
Jul 19, 2022 | Tax Tips
Imagine this: your Schedule C business buys a home at the beach, uses it solely as an entertainment facility for business, pays off the mortgage, and deducts all the expenses. Is this possible? Yes. Are there some rules on this? Yes. Are the rules difficult? No....
Jul 18, 2022 | Tax Tips
If you do some work at home, you’re probably using your home internet connection. Are your monthly internet expenses deductible? Maybe. The deduction rules depend on your choice of business entity (proprietorship, corporation, or partnership). Deduction on...
Feb 21, 2022 | Tax Tips
Do you have a sideline activity that you think of as a business? From this sideline activity, are you claiming tax losses on your Form 1040? Tax Law Will the IRS consider your sideline a business and allow your loss deductions? The IRS likes to claim that...
Nov 9, 2021 | Tax Tips
Here’s a look at how to apply the $250,000 ($500,000, if married) principal residence tax break when getting married or divorced, or when converting another property into your home. In both marriage and divorce situations, a home sale often occurs. Of course, the...
