In the News

Copyright 2017

Do you provide car rides through a mobile app, rent out your spare room  using an online platform or repair computers for local businesses on demand? If  so, you may be considered part of the "sharing economy" (also known as the Gig or on-demand economy).

Copyright 2017

In recent years, the IRS has ovvered "green" tax credits to individuals who purchase qualifying  residential energy-efficient equipment and certain electric vehicles. Some of  these breaks expired at the end of 2016. But others are still ripe for the  taking in 2017 and beyond. Here's what you need to know to take advantage.

Copyright 2017

It's already starting to feel like summer in many parts of the country. But the forecast for  Washington remains unclear as officials continue to discuss various tax-related issues.

Copyright 2017

Real estate owners who rent their properties often incur tax losses due to depreciation  write-offs and other allowable deductions. However, the ability to deduct those  losses might be postponed indefinitely by the passive activity loss (PAL)  rules.

Copyright 2017

Do you materially participate in a business or rental activity -- or are you just a  passive investor who isn't directly involved in a project's day-to-day operations?  The IRS has prescribed seven tests to help individuals classify income, gains  and losses from activities as passive or nonpassive. (See "PAL Basics" below.)

Copyright 2017

Do you have an interest in -- or authority over -- a foreign financial account?  If so, the IRS wants you to provide information about the account by filing a  form called the "Report of Foreign Bank and Financial Accounts" (FBAR).

Copyright 2017

If you own a profitable, unincorporated business with your spouse, you're probably fed up with high self-employment (SE) tax bills.

Copyright 2017

If you operate your business as a sole proprietorship, a single-member LLC (treated as a sole proprietorship for tax purposes), or a husband-wife partnership, here's a great family tax planning deal: Hire your under-age-18 children as legitimate employees of the business. It doesn't matter if they work part-time or full-time.

Copyright 2017
Are you an "experienced" taxpayer? Here are a couple of age-based tax breaks that seniors shouldn't overlook when filing their 2016 returns.
Copyright 2017

Did you know that, once you turn age 701/2, you must start taking mandatory  annual withdrawals from your traditional IRAs, including any simplified  employee pension (SEP) accounts and SIMPLE IRAs that you set up as a small  business owner?

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