Article Highlights: Employee versus Self-Employed Itemized Deduction Two Percent of AGI Limitation Alternative Minimum Tax Limitation Ordinary and Necessary Requirement One major difference between being an employee and being self-employed is how you deduct the expenses you incur related to your work. A self-employed individual is able to deduct expenses on his or her … [Read more...] about Elusive Employee Business Expense Tax Deduction
Is Solar Energy Right for You?
Article Highlights: Solar Electric System TV Ads Do You Really Need One? System Cost Financing Solar Tax Credit Home Mortgage Interest It seems like you can’t watch TV these days without being exposed to home solar ads touting free electricity and big tax credits. Be careful, as these savings and tax credits may not be all that they are advertised to be; this depends … [Read more...] about Is Solar Energy Right for You?
Using Online Services Such as Airbnb to Rent out Your Home? Better Read This!
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 prospective renters. The online sites … [Read more...] about Using Online Services Such as Airbnb to Rent out Your Home? Better Read This!
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 during June, you are required to report them to your employer on IRS … [Read more...] about July 2017 Individual Due Dates
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 … [Read more...] about The IRS Has Become More Liberal With College Expenses