Now that we’ve hit midsummer, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: If you rent it out for less than 15 days: You…
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Own a Vacation Home? Adjusting Rental vs. Personal Use Might Save Taxes
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Summer is a Good Time to Start Your 2017 Tax Planning and Organize Your Tax Records
You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next…
Claiming a Federal Tax Deduction for Moving Costs
Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately,…
2017 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to…
Pay Attention to the Details When Selling Investments
The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as how much you paid for the investment vs. how much…
Coverdell ESAs: The Tax-Advantaged Way to Fund Elementary and Secondary School Costs
Coverdell ESAs: The tax-advantaged way to fund elementary and secondary school costs With school letting out you might be focused on summer plans for your children (or grandchildren). But the end of the school year is also a good time…
Donating a Vehicle Might Not Provide the Tax Deduction You Expect
All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction. Take vehicle…
Business Owners: When it Comes to IRS Audits, Be Prepared
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business…
Real Estate Investor vs. Professional: Why it Matters
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive…