Division of Tax Benefits in Divorce
Division of Tax Benefits in Divorce Divorce Attorneys are usually experts at dividing other types of assets but tax benefits are often overlooked. There is value in current and future tax benefits and these items should be considered as part of a divorce property settlement. Most people immediately think of the division of the […]
Tax Time Is Around the Corner! Are You Ready?
Article Highlights: Time to gather your information for your tax appointment New for 2018 Choosing your alternatives Tips for pulling your information together Tax time is just around the corner, and if you are like most taxpayers, you are finding yourself with the ominous chore of pulling together the records for your tax appointment. The […]
Getting the W-4 Right Is Important
Article Highlights: W-4 Complications Working Spouse Adjusting Refund Other 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 […]
Short-Term Rental, Special Treatment
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 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 […]
Divorce Doesn’t Untie the Mortgage Knot
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 […]
Important – Rental Owners! Guidance Related to the 20% Pass-Through Deduction
Article Highlights: 199A 20% Pass-Through Deduction Rental Safe Harbor Qualifications Books & Records 250 Hours Contemporaneous Record Triple Net Leases Vacation Home Rentals Double-Edged Sword Ever since tax reform was passed, over a year ago, taxpayers have been uncertain whether rental property will be classified as a trade or business for purposes of qualifying for […]
Paying Off Debt the Smart Way
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 […]
IRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes
Article Highlights: Tax Reform Prepayments W-4 Safe Harbor Payments Penalty Waivers & Exceptions Mitigating the Penalt 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 those with investment income […]