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 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 […]

Article Highlights: Pre-2019 Alimony Post-2018 Alimony Definition of Alimony Alimony and IRA Contributions State Treatment of Alimony Welcome to 2019 and a delayed provision of the tax reform, also known as the Tax Cuts and Jobs Act (TCJA). For divorce agreements entered into after December 31, 2018, or pre-existing agreements that are modified after that […]

Article Highlights: W-4 Complications Working Spouse Adjusting Refund Other Income and Tax Issues As they do at the beginning of every year, employers will be requesting employees to complete the IRS Form W-4. Its purpose is to provide employers with the information they need to determine the amount of federal income taxes to withhold from […]

Entrepreneurs often shrug off the idea of obtaining an employer identification number, or EIN, believing that their small business really doesn’t need one. Though there are some cases where a solo business can get away with merely utilizing the business owner’s Social Security Number, doing so is not necessarily the best idea, even if you […]

Article Highlights:  Tax Reform Prepayments W-4 Safe Harbor Payments Penalty Waivers & Exceptions Mitigating the Penalty Taxpayers are required to pre-pay their taxes for any tax year through payroll withholding, estimated tax payments or a combination of the two. Employees and retirees generally accomplish this through withholding, and self-employed individuals and those with investment income […]