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Driving For Uber Or Others? Your Tax Situation Is Unique

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…
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Senate Passes Tax Bill; What’s Next?

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,…
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Using Online Agents to Rent Your Home Short Term? You May Be Surprised at the Tax Ramifications

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…
Tax Due Dates
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December 2017 Individual Due Dates

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,…

How to Save for a Child’s College Education

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…
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Gambling - Income Tax Conundrum

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…
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House Releases Tax Cuts & Jobs Act - See How It Might Affect Your Business

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…

Tax Cuts and Jobs Act - See How It Would Affect You - Individual

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…
Tax Free Gifting
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Early Year-End Tax Planning To Take Advantage Of Possible Tax Reform

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…