Article Highlights: Home never rentedHome rented for fewer than 15 daysHome rented for at least 15 days with minor personal useHome rented for at least 15 days with major personal useVacation home sales 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 … [Read more...] about Vacation Home Rentals: How the Income Is Taxed
Disappointed in Your Tax Refund?
Article Highlights: Average Refund DownTax Filings DownEffects of Lower RefundsActual Tax Generally LowerHow This Happened If your tax refund is less than you anticipated, you are not alone. In a report issued by the Treasury Department on February 14, the average refund it is paying in 2019 has dropped to $1,949 from $2,135 in the prior year. In addition, the number of … [Read more...] about Disappointed in Your Tax Refund?
Increased Business-Vehicle Deductions Due to Tax Reform
Article Highlights: Annual MileageOptional (Standard) Mileage Method Actual-Expense MethodVehicle DepreciationLuxury-Vehicle LimitsSUVsInterest ExpensesBusiness-Vehicle Sales or Trade-insEmployeesPlug-in Electric Vehicle Credits 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 … [Read more...] about Increased Business-Vehicle Deductions Due to Tax Reform
Relief from the Affordable Care Act Penalty for Not Being Insured
Article Highlights: Tax ReformPenalty for Not Being InsuredPremium Tax CreditEmployer PenaltyCoverage ExemptionsHardship Exemptions Thanks to the tax reform, beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply. The elimination of this penalty as … [Read more...] about Relief from the Affordable Care Act Penalty for Not Being Insured
Filing a 1099-MISC May Now Apply to Landlords. Are You Collecting the Needed W-9s?
Article Highlights: $600 ThresholdExceptionsForm W-9Impact of Tax Reform1099-MISC Filing 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 1099-MISC after the end of the year, to … [Read more...] about Filing a 1099-MISC May Now Apply to Landlords. Are You Collecting the Needed W-9s?