Article Highlights: If You Don't Rent Your Property If You Rent Your Property Rented Fewer Than 15 Days Personal Use Is Less Than the Greater of 15 Days or 10% of the Rental Days Personal Use Exceeds the Greater of 14 Days or 10% of the Rental Days If You Sell Your Vacation Home If You Sell Your Home Do you own a second [...]
Creating a successful business requires a good idea combined with skill, talent, and ambition. But even if you have all of those elements, you may end up falling short if you can't raise the capital that you need to move forward. No entrepreneur wants to think about raising funds. It is hard to ask people for money, and even harder to be rejected. But [...]
Article Highlights: Filing Status Claiming the Children as Dependents Child Exemption Head-of-Household Filing Status Tuition Tax Credit Child Care Tax Credit Child Tax Credit Earned Income Tax Credit Alimony If you are recently divorced or are contemplating divorce, you will have to deal with or plan for significant tax issues such as asset division, alimony, and tax-return filing status. If you have children, additional [...]
Article Highlights: New Business Tax Break Restaurant Purchased Meals Qualifying Restaurants Take-out Meals Lavish Limitations Taxpayer Presence Substantiation Congress has provided businesses with a temporary tax break as a means of helping the restaurant industry, which has been devastated by the COVID pandemic. Although the Tax Cuts and Jobs Act eliminated the business deduction for entertainment, it continued to allow a deduction for 50% [...]
Article Highlights: Child and Dependent Care Credit Workers Can Set Aside More in a Dependent Care FSA Childless EITC Expanded Changes Expanding EITC for 2021 and Beyond Expanded Child Tax Credit Advance Child Tax Credit Payments This is an overview of the several tax benefits that were included in the American Rescue Plan Act recently passed by Congress that will impact families with children [...]
No matter what type of business you operate, you rely on having a predictable flow of income to keep your bills paid. If you only have a single source of income and it suddenly falters, you're going to be in trouble. Having more than one income stream is an insurance policy against economic disaster. It provides a cushion to keep you afloat if your [...]
Article Highlights: Bureau of the Fiscal Service Allowable Refund Offsets Disputing an Offset Injured Spouse Claim We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never arrived? It may be because you have outstanding federal or state debts—and not just tax-related debts. The Treasury Department's Bureau of the Fiscal Service (BFS) issues federal tax [...]
Article Highlights: Tax Return Mistakes are Common Fixing Tax Return Mistakes Amended Return Superseding Return Don't Procrastinate in Responding to IRS Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes have grown complicated and COVID tax relief has made many changes; the paperwork required to file proper tax returns is often convoluted. This is especially true if you're [...]
Article Highlights: Notice CP508C Seriously Delinquent Tax Debt State Department Certification Passport Restrictions Lifting Restrictions Overseas When Restrictions Applied The IRS has begun issuing notice CP508C to taxpayers with “seriously delinquent” tax debt and the service has resumed its program of notifying the State Department of taxpayers’ unpaid federal debts. The U.S. Department of State generally will not renew a passport or issue a [...]
Article Highlights: Education Benefits Education, Teachers and Educators Child Tax Credit Child & Dependent Care Tax Credit Earned Income Tax Credit for Childless Workers Paid Family Leave Health Insurance Corporate Tax Rate Individual Marginal Tax Rates Capital Gains Tax Basis Step-up Carried Interest Like-kind Exchange for Real Estate Excess Business Losses Medicare Tax Tax Preparer Regulation Compliance Bank Information Reporting President Biden presented his [...]
