Taxes

Is your home office a tax haven? Here are the rules for deductions

Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The numbers are even higher in certain occupational groups. About one in three people in management, professional…

Wondering What Will Happen with Your Assets After Death? Avoid Probate and Learn More Here.

We do not typically think about what will happen when we are gone but there are some instances where thinking ahead is beneficial. This article will provide you with a brief, not all-inclusive, explanation of probate, the types of assets, ways you can avoid probate…

The Home Office Deduction: an overview of the requirements and deductible expenses

Have you ever wondered whether you qualify for the home office deduction? This article is intended to serve as a brief, not all-inclusive, explanation as to who is eligible for the deduction, various expenses that can be deducted, and other IRS reporting requirements. What is…

Do you owe estimated taxes? If so, when is the next one due?

Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the…

Still thinking about becoming a landlord? There are some other things that you should know.

Our last article on real estate investment focused on the passive activity loss rules but there are other tax implications to being a landlord that should be considered in addition to this. A main concern for investors in real estate not held for personal use…

How are Series EE savings bonds taxed?

Savings bonds are purchased by many Americans, often as a way to help fund college or show their patriotism. Series EE bonds, which replaced Series E bonds, were first issued in 1980. From 2001 to 2011, they were designated as “Patriot Bonds” as a way…

What might be ahead as many tax provisions are scheduled to expire?

Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions…

You may be entitled to tax breaks if caring for an elderly relative

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of…

Pay attention to the tax rules if you turn a hobby into a business

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax…

Watch out for “income in respect of a decedent” issues when receiving an inheritance

Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. While most inherited property is tax-free to the recipient, this isn’t always the case with property…