Beware: IRS Error in Rental Property Deduction Publication

Beware: IRS Error in Rental Property Deduction Publication

Oct 14, 2019 | Income Tax

Beware: IRS Error in Rental Property Deduction Publication Here’s a heads-up on mortgage insurance. Personal Residence Mortgage Insurance The deduction for mortgage insurance on a qualified residence ended on December 31, 2017. But don’t give up on the deduction. The...
Creating More Business Meal Tax Deductions After the TCJA

Creating More Business Meal Tax Deductions After the TCJA

Oct 9, 2019 | Income Tax

You are going to like these rules. Restaurants and Bars Question 1. If, for business reasons, you take a customer to breakfast, lunch, or dinner at a restaurant or hotel, or to a bar for a few drinks, but you do not discuss business, can you deduct the costs of the...
Daycare Providers Income and Expenses

Daycare Providers Income and Expenses

Oct 7, 2019 | Income Tax

Daycare Providers Income and Expenses Employer Identification Number (EIN) Even if you operate your daycare business as a sole proprietor or have no employees, you should obtain an EIN. • Instead of your Social Security Number, use your EIN on Form W-10, Dependent...
Tipped Employees

Tipped Employees

Oct 2, 2019 | Income Tax

Tipped Employees All tips you receive are income and are subject to federal income tax. You must include in gross income all tips you receive directly, charged tips paid to you by your employer, and your share of any tips you receive under a tip-splitting or...
Capital Gains and Losses

Capital Gains and Losses

Sep 25, 2019 | Income Tax

Capital Gains and Losses Capital Assets Most property you own and use for personal or investment purposes is a capital asset. For example, a house,furniture, car, stocks, and bonds are capital assets. Non-capital Assets A capital asset is any property held by you...
Hobby vs. Business

Hobby vs. Business

Sep 23, 2019 | Income Tax

Hobby or Business? If an individual, partnership, estate, trust, or an S corporation engages in an activity that is not conducted as a for-profit business, expenses (other than cost of goods sold) are not deductible. This rule does not apply to corporations, other...