Article Highlights: IRA Contribution Limits Compensation Active Participation Traditional IRA AGI Phaseouts Nondeductible Contributions Spousal IRA Roth IRA Back Door Roth IRA Penalties Rollovers Conversions Required Minimum Distributions The individual retirement account (IRA) is one of the favored ways to save money for retirement. There are two … [Read more...] about Important Things to Know About IRAs
Sold Your Home Last Year? Thinking of Selling? Read This!
Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Records If you sold your home last year, or if you are thinking about selling it, you should be aware of the many tax-related issues that could apply to that sale so that you will be prepared at tax time and not have to deal with … [Read more...] about Sold Your Home Last Year? Thinking of Selling? Read This!
Driving For Uber Or Others? Your Tax Situation Is Unique
Article Highlights: 1099-K Schedule C Uber and Credit Card Fees Record Keeping Vehicle Expense Options Home Office Other Options With tax time approaching, if you drive for Uber, Lyft 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 … [Read more...] about Driving For Uber Or Others? Your Tax Situation Is Unique
5 Things You Need to Do After Jumping Into Entrepreneurship
Congratulations! You've decided to dive into the exciting world of entrepreneurship and bring that great business idea to life. Whether you're opening a local brick-and-mortar business that your community needs, looking to grow rapidly in the next few years and get an investor, or just keep things small and solo, certain steps come next that aren't as exciting as preparing for … [Read more...] about 5 Things You Need to Do After Jumping Into Entrepreneurship
Using Online Agents to Rent Your Home Short Term? You May Be Surprised at the Tax Ramifications
Article Highlights: Schedule C vs. Schedule E Rentals of Less Than15 Days Rentals of 7 Days or Less Rentals of 8 to 30 Days Exception to the 30-Day Rule 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 … [Read more...] about Using Online Agents to Rent Your Home Short Term? You May Be Surprised at the Tax Ramifications