With the advent of
online sites such as Airbnb, VRBO, and HomeAway, many individuals have taken to
renting out their first or second home through these online rental sites, which
match property owners with prospective renters. If you are doing…
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If you purchase several items
and services away from the office, QuickBooks Online can help you record them
while you’re out and about.
QuickBooks Online’s mobile app, available at the Apple App Store and
Google Play, can do many of…
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TheTax
Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes
in the way that vehicle use is deducted for business purposes. Before getting
into these changes, it is appropriate to first provide a review of the…
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If you have a second home in a resort area,
or if you have been considering acquiring a second home or vacation home, you
may have questions about how rental income is taxed for a part-time
vacation-home rental. The applicable rental rules…
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When a sale of a business or investment property results in
a gain, the seller is typically taxed on that gain during the year of the sale,
even when the gain was generated over many years. However, the tax code provides
opportunities to spread…
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Ever since tax reform was passed, over a year
ago, taxpayers have been uncertain whether rental property will be classified
as a trade or business for purposes of qualifying for the new IRC Sec 199A 20%
pass-through deduction (commonly referred…
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If you use independent contractors to perform services for
your business or your rental that is a trade or business, for each individual whom
you pay $600 or more for the year, you are required to issue the service
provider and the IRS a Form…
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Tax credits are a tax benefit that offsets
your actual tax liability, as opposed to a tax deduction, which reduces your
income. Congress provides tax credits to individual taxpayers for a number of
reasons, including as a form of assistance…
S corporation compensation
requirements are often misunderstood and abused by owner-shareholders. An S corporation
is a type of business structure in which the business does not pay income tax
at the corporate level and instead distributes…
https://10keysolutions.com/wp-content/uploads/2019/02/SU-Design-1549572775.jpg315851Mikehttps://10keysolutions.com/wp-content/uploads/2017/07/10keylogo.pngMike2019-01-05 20:49:212019-02-07 20:53:51Are You an S Corporation Stockholder? Are You Taking Reasonable Compensation in the Form of Wages? Article Highlights:
Short-Term Rental, Special Treatment
How Does QuickBooks Online Handle Mobile Expenses?
Increased Business-Vehicle Deductions Due to Tax Reform
Vacation Home Rentals: How the Income Is Taxed
Several Ways to Defer the Tax on Gains
Important – Rental Owners! Guidance Related to the 20% Pass-Through Deduction
Filing a 1099-MISC May Now Apply to Landlords. Are You Collecting the Needed W-9s?
Don’t Overlook Tax Credits
Are You an S Corporation Stockholder? Are You Taking Reasonable Compensation in the Form of Wages? Article Highlights: