If you own a home in a vacation locale – whether it is your primary residence or a vacation home – and are considering renting it out to others, there are complicated tax rules referred to as the “vacation home rental rules” that you need to be aware of. Generally, the tax code breaks a “vacation rental” into three categories, each with a different treatment for income and … [Read more...] about Renting Your Home or Vacation Home
Personal Tax
Caring for an Elderly or Incapacitated Individual
With individuals living longer, we frequently find ourselves in the position of caregiver for elderly or incapacitated individuals. Whether you’re caring for an incapacitated or elderly spouse, an elderly parent, or even a child, understanding potential tax advantages can relieve some of the financial burden associated with being a caregiver. The following are some tax aspects … [Read more...] about Caring for an Elderly or Incapacitated Individual
Partnership, S-Corp and Trust Extensions End September 16
Article Highlights September 16 is the extended due date for partnership, S-corporation, and trust tax returns. Late-filing penalty for partnerships and S-corporations is $195 times the number of partners or shareholders during any part of the taxable year, for each month or fraction of a month. Late-filing penalty for trust returns is 5% of … [Read more...] about Partnership, S-Corp and Trust Extensions End September 16
Who Claims The Child?
Claiming a child can provide significant tax benefits. When couples divorce or separate, or even if the parents were never married, the question arises: who gets to claim the kids? This sometimes presents a nightmare for tax preparers. This is because often both parents will claim the same child, and in this modern era of e-filing, the first one to file and claim the child … [Read more...] about Who Claims The Child?
Who Gets Your IRA
The designated beneficiary listed on your IRA account beneficiary form determines who gets your IRA. This is true even if your will or trust names different beneficiaries. You may have filled out that beneficiary form long ago and no longer remember who you designated as your beneficiary. Perhaps your family circumstances or marital status have changed. Whenever your family … [Read more...] about Who Gets Your IRA