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 Renting out your home or second home for short periods of time is becoming increasingly popular with the advent of online services that match property owners with […]
July 2017 Individual Due Dates
July 1 – Time for a Mid-Year Tax Check Up Time to review your 2017 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips […]
The IRS Has Become More Liberal With College Expenses
Article Highlights: Computers Internet Access Qualified State Tuition (Sec. 529) Plans American Opportunity Tax Credit Required for Enrollment or Attendance Computers and the Internet have become integral parts of education by providing access to online courses, learning and research. It is virtually impossible to be enrolled in post secondary education without a computer, which is […]
Are You Ignoring the Household Employee Payroll Rules?
Article Highlights: Household Employees Tax Avoidance Filing 1099s Correct Procedures W-2s, Payroll Taxes and Reporting Overtime Hourly Pay Or Salary Separate Payrolls If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about […]
Can You Deduct a Home Office, and Is It Worth It?
Article Highlights: Qualifications Employee Issues Method Options Income Limitations Relocation “Home office” is a term used to describe the tax deduction for the business use of your home, which may or may not be an office. It is often misunderstood and claimed by those who don’t qualify for it or not claimed to the taxpayer’s […]