Personal Tax

July 1 - Time for a Mid-Year Tax Check Up Time to review your 2016 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 11 - 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 2016 Individual Due Dates

Article Highlights: • Non-Refundable Tax Credit • Qualifications • Installation Costs • Financing When you see those TV ads for home solar power, you may get the impression that Uncle Sam is going to pick up 30% of your cost and you only have to come up with the other 70%. That is not necessarily the whole picture. True, the federal government has a 30% tax credit for the … [Read more...] about Solar Tax Credits – Before You Take the Leap

Article Highlights: • Child Age Limits • Employment-Related Expense • Married Taxpayer Earnings Limits • Disabled or Full-Time-Student Spouse • Expense Limits Summer has just arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if handicapped) during the school … [Read more...] about School’s Out – Who Is Going to Take Care of the Kids?

Article Highlights: • Child Under the Age of 19 or a Student Under the Age of 24 • Kiddie Tax • Tax on a Child’s Earned Income • Deduction for the Business • Employment Taxes • IRAs and Retirement Plans With school vacation time just around the corner and employees heading out for summer vacations, you might consider hiring your children to help out in your business. … [Read more...] about Tax Breaks for Hiring Your Children in Your Family Business

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 If you are one of the many taxpayers who rents out a first or second home using rental agents or online rental services (such as Airbnb, VRBO and HomeAway) that match property owners with … [Read more...] about Short-Term Rental, Special Treatment