Article Highlights: Airbnb, VRBO, and HomeAwayRented for Fewer Than 15 Days during the YearThe 7-Day and 30-Day RulesExceptions to the 30-Day Rule Schedule C Reporting With the advent of online sites such as Airbnb, VRBO, and HomeAway, many individuals have taken to renting out their first or second home through these online rental sites, which match property owners with … [Read more...] about Short-Term Rental, Special Treatment
Personal Tax
Big Tax Changes for Divorce Decrees after 2018
Article Highlights: Pre-2019 AlimonyPost-2018 AlimonyDefinition of AlimonyAlimony and IRA ContributionsState Treatment of Alimony Welcome to 2019 and a delayed provision of the tax reform, also known as the Tax Cuts and Jobs Act (TCJA). For divorce agreements entered into after December 31, 2018, or pre-existing agreements that are modified after … [Read more...] about Big Tax Changes for Divorce Decrees after 2018
Getting the W-4 Right Is Important
Article Highlights: W-4 ComplicationsWorking SpouseAdjusting RefundOther Income and Tax Issues As they do at the beginning of every year, employers will be requesting employees to complete the IRS Form W-4. Its purpose is to provide employers with the information they need to determine the amount of federal income taxes to withhold from an employee’s paycheck. … [Read more...] about Getting the W-4 Right Is Important
Reasons Why Your Small Business Needs an Employee Identification Number
Entrepreneurs often shrug off the idea of obtaining an employer identification number, or EIN, believing that their small business really doesn’t need one. Though there are some cases where a solo business can get away with merely utilizing the business owner’s Social Security Number, doing so is not necessarily the best idea, even if you don’t have plans to hire employees in … [Read more...] about Reasons Why Your Small Business Needs an Employee Identification Number
IRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes
Article Highlights: Tax ReformPrepaymentsW-4Safe Harbor PaymentsPenalty Waivers & ExceptionsMitigating the Penalty Taxpayers are required to pre-pay their taxes for any tax year through payroll withholding, estimated tax payments or a combination of the two. Employees and retirees generally accomplish this through withholding, and self-employed individuals and … [Read more...] about IRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes