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 tax. Your driving income will be […]
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 dissenting Republican Senator was Bob Corker of Tennessee, who tweeted that he reluctantly voted no over long-term fiscal issues. […]
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 special rules related to short-term rentals. When property is rented for short periods, special (and […]
December 1 – Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2017. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2017 should call for a tax planning consultation appointment. December […]
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 will depend upon whether your child […]
Gambling is a recreational activity for many taxpayers, and as one might expect, the government gets a cut if you win. In fact, there are far more issues related to gambling than you might imagine, and they may be impacting your taxes more than you know. So here is a rundown on the many issues […]
This is part 2 of a 2-part series on the proposed Tax Cuts & Jobs Act and generally covers the provisions applying to small businesses and self-employed taxpayers. Part 1 covered the individual taxpayer provisions The House Ways and Means Committee included a substantial number of proposed tax changes affecting businesses in the Tax Cuts […]
This is Part 1 of 2 in a series on the proposed Tax Cuts and Jobs Act. This part covers the provisions that apply to individual taxpayers. Part 2 covers the small-business provisions. The House of Representatives Way and Means Committee has finally released their version of the long-promised tax-reform legislation. This is the first […]
So, why do we think early tax planning is appropriate this year? Actually, with the prospect of major tax reform on the horizon, some strategies can be employed before the end of the year that can substantially reduce your 2017 tax bill. The proposed GOP tax reform is actually only a framework for future tax […]