Beware: IRS Error in Rental Property Deduction Publication

Beware: IRS Error in Rental Property Deduction Publication

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...
Daycare Providers Income and Expenses

Daycare Providers Income and Expenses

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

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...
Hobby vs. Business

Hobby vs. Business

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...