Article Highlights: $25,000 Rental Passive Loss Limitation Unlimited Losses When Qualifying as a Real Estate Professional What is Material Participation? Navigating the Rules Examples The intricacies of tax law, particularly around rental real estate, can be both a boon and a bane for investors. Among these complexities, the $25,000 rental passive loss limitation stands out […]
Article Highlights: Qualifications Tax Home in a Foreign Country Foreign Earned Income Bona Fide Residence Test Physical Presence Test Foreign Housing Exclusion and Deduction Married Couples Self-Employed Individuals Earned Income Tax Credit Foreign Tax Credit Combat Zone Workers Flight Attendants State Tax The Foreign Earned Income Exclusion (FEIE) under Section 911 of the U.S. Internal […]
Article Highlights: What is a Sec 529 Plan? Tax Benefits of Sec 529 Plans Funding a Sec 529 Plan Who Can Contribute to a Sec 529 Plan Gift Limitation and the 5-Year Option Form 709 and Making Up Contributions Higher Education Credits Impact on Financial Aid Qualified Expenses and Recent Flexibility Enhancements Refunds & Recontribution […]
Article Highlights: Understanding the Threats Common Scams Targeting Seniors Awareness and Protection Strategies Tips for Caregivers Key Points to Remember IRS Advice and Resources Key IRS Recommendations What to Do if Scammed Long-Term Steps As our population ages, seniors increasingly become targets for a variety of scams. These fraudulent schemes can have devastating financial and […]
August 2024 Individual Due Dates August 12 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 12. Your employer is required to withhold FICA […]
In today’s competitive business landscape, providing an exceptional customer experience (CX) is no longer a luxury—it’s a necessity. Companies that prioritize CX not only foster customer loyalty but also see significant improvements in their financial performance. This article explores how investing in customer experience can enhance your bottom line, focusing on the accounting, cash flow, […]
Article Highlights: Definition of a Dwelling Unit The Augusta Rule Personal Use Days Taxpayer Uses It Over 10% of the Rental Days Definition of Rental Days Definition of Personal-Use Days Fix-Up Days Allocating Expenses Short-Term Rentals Room Rentals Renting to a Relative Fair Rental Value Owning a dwelling unit that is used as a vacation […]
Dealing with the IRS can be a daunting experience, especially when you receive an audit notice. Understanding the different types of IRS audits and what each entails can help you navigate the process more effectively. However, it’s crucial to recognize that handling an audit is not a DIY task. Professional assistance can make a significant […]
Proper accounting is the backbone of any successful small business. It ensures that your financial records are accurate, helps you make informed decisions, and keeps you compliant with tax regulations. However, many small business owners, who juggle multiple responsibilities, often commit common accounting mistakes that can lead to significant issues down the line. Avoiding these […]
Property taxes are a significant financial burden for many Americans, particularly senior citizens. Rising property taxes have begun to jeopardize the financial stability of older adults living on fixed incomes. In response, some states are implementing reforms and rebate programs to alleviate this burden, while others are considering eliminating property taxes altogether. Here, we explore […]