Tax Issues When Converting a Rental to Your Personal Residence
Article Highlights: Sale of a Rental Property Converted to a Personal Residence Exclusion of Gain on Sale of Personal Residence – The Ownership and Use Tests Partial Exclusion of Gain The Impact of a Rental Period After 2008 Depreciation Recapture Reporting the Sale Deductions When a Rental Property Is Converted to a Personal Residence Converting […]
2017 Tax Reform Comparision Chart
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Driving For Uber Or Others? Your Tax Situation Is Unique
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Tax Reform Suspends the Tax Deduction for Employee Business Expenses
Article Highlights: Employee Business Expenses Miscellaneous Itemized Deductions Subject to the 2% AGI Floor Accountable Reimbursement Plan Occupations Impacted Not all provisions of the Tax Cuts and Jobs Act are beneficial to taxpayers. One notable negative provision is the suspension of the deduction for employee business expenses. Under prior law, taxpayers who were employees were […]
Using the Home Sale Gain Exclusion for More than Just Your Home
Article Summary: Home Sale Exclusion Primary Residence Second Home Fixer-upper Rental With careful planning, and provided you follow the rules, the tax code allows you to use the home sale gain exclusion every two years. Let’s assume you own a home, perhaps a second (vacation) home, or maybe are even thinking about buying a fixer-upper […]
First-Year Start-Up Tax and Accounting Issues
Some of the most common stressors encountered by entrepreneurs involve tax liabilities, whether the business is booming or they’re struggling to keep their head above water. The best way to avoid these pitfalls is to learn about them ahead of time. Here’s what every entrepreneur needs to know. Watch the video below.
Using Online Agents to Rent Your Home Short Term? You May Be Surprised at the Tax Ramifications
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Video Tips: Take Advantage of Tax Credits for Energy-Efficient Home Improvements
The IRS issued Notice 2023-59 regarding the requirements for home energy audits for taxpayers who want to include the audit cost when claiming the energy-efficient home improvement credit. The Inflation Reduction Act of 2022 created several clean energy credits. Each of these credits has requirements for the type of clean energy property or service purchased […]
Tips to Avoid Tax Penalties for 2017
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Big Changes for Vehicle Tax Deductions
Article Highlights: 100% Business Primarily Vacation Primarily Business Special Circumstances Foreign Conventions, Seminars, and Meetings Cruise Ships Spousal Travel Expenses In the past, the business use of a vehicle was determined either by using the standard mileage rate for business or using actual expenses plus vehicle depreciation limited by the luxury auto caps. That continues […]