Stores about Tax Issues of General Interest
Many Tax Planning Tricks for College are available to help you pay higher education costs, whether for your children or yourself, but you’ll see how you will be rewarded by performing some tax planning tricks for college! Let’s take a Continue reading Tax Planning Tricks for College
In most cases, gains from home sales are taxable. But did you know that if you sell your home, you may be able to use some Tricks to Avoid Tax on Your Home Sale? Here are ten facts to keep in mind if you sell your home this Continue reading Tricks to Avoid Tax on Your Home Sale
If you gave money or property to someone as a gift, you may owe federal gift tax. Is Your Gift a Taxable Gift?
Many gifts are not a taxable gift subject to the gift tax, but there are exceptions. Continue reading Is Your Gift a Taxable Gift?
You must perform adequate Charitable Contribution Recordkeeping to prove the amount of any cash and non-cash contributions you make during the year. Which records you must keep depends on Continue reading Charitable Contribution Recordkeeping
If you’re a savvy investor, you probably know that you must generally report as income any mutual fund distributions whether you reinvest them or exchange shares in one fund Continue reading Section 1031 Like-Kind Exchange
Keeping good records is key to qualifying for the full charitable contribution deduction allowed by law. In particular, this includes ensuring that they have received required statements for two contribution Continue reading Records for Claiming Charity Gifts
Certain taxpayers may be subject to the Net Investment Income Tax, which went into effect last year, in 2013. You may owe this tax if you have income from investments and your income for the year is more than certain limits. Here are four things that you should know about this tax:
Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS.
Definition of a Hobby vs. a Business
The IRS defines a hobby as an activity that is not pursued for profit. A business, on the other hand, is an activity that is carried out with the reasonable expectation of earning a profit. Continue reading Hobby or Business? Why It Matters
Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year, but also use the home yourself.
There is however, one provision that is not complicated. Homeowners who rent out their property for 14 or fewer days a year can pocket the rental income, tax-free.
Known as the “Master’s exemption,” it is used by homeowners near the Augusta National Golf Club in Augusta, GA who rent out their homes during the Master’s Tournament (for as much as $20,000!). It is also used by homeowners who rent out their homes for movie productions or those whose residences are located near Super Bowl sites or national political conventions. Continue reading Renting Out a Vacation Home
