In 2018, sports betting became legal in many states. In addition to becoming legal, sports betting is easier than ever thanks to new sports betting apps that allow you to make sports bets in real-time. Not only is this a fun hobby for many, but it can also be quite lucrative in some cases. What some sports betting enthusiasts don’t realize is that you are required to report any income from gambling and pay taxes. Read More»
Writers who act as sole proprietors can have tax situations that are more complicated than many other professionals. Hiring a tax planner for help is always recommended. Check out a few of the common mistakes writers make on their self-filed taxes. Mistake: Not taking advantage of business-related losses after an investment. Did you spend a lot of time and money to create a book and you had no sales? You may be able to claim a business loss on your taxes. Read More»
Are you a landlord that wants to expand or change your business into new areas? If so, a like-kind exchange could be your ticket to a new market or a new way of operating your rental business. How can a like-kind exchange spur change? Here are three ways to do just that. 1. Exchange Properties for New Types Tax-delayed like-kind exchanges — where you sell one rental property and purchase a replacement one within the allotted time to avoid capital gains taxes — are useful for landlords who want to pursue new opportunities. Read More»
Dealing with the Internal Revenue Service (IRS) can be scary and confusing, and to get through the process, you may want to hire IRS representation. Wondering if you need representation? Here are five signs you should consider calling someone. 1. You Don’t Understand the Tax Issue in Question Typically, IRS issues start with the agency contacting you through the mail. The letter may request more information to back up certain claims on your tax return, or it may alert you that the agency has changed a number on a tax return. Read More»
When it comes time for you to do your taxes, doing it the correct way is important. While some people may attempt to complete tax preparation by themselves, there is a much greater chance that they will make mistakes and eventually need to complete an amended return. If getting it right the first time is something you prefer, meeting with a tax preparer to get help with filing a tax return is the best solution. Read More»
The last entity that you want to owe money to is the IRS. The IRS has the power to put tax liens on your property and even garnish your wages in order to get the money that you owe them. If you find yourself in debt to the IRS, you need to take action right away. Way #1: File for Bankruptcy One way to deal with your taxes is by filing for bankruptcy. Read More»
Have you been laid off or furloughed during the Covid-19 pandemic? With millions of Americans being laid off each week, many people are relying on unemployment benefits. While these are a lifeline during an economic or financial crisis, such benefits will also affect your income taxes in the spring. How? Here are the most important ways they will affect you and how to manage them to avoid a tax bill bite. Read More»
As you prepare for your appointment with your business income tax preparer, what do you need to bring with you? Many small business owners know to bring standard financial documents like a profit-and-loss statement or balance sheet, they may not know to bring information about specific expenses paid during the year. What are these special expenses you should make sure to point out to your bookkeeping professional? Here are a few of the most important. Read More»
Filling out your taxes each year is something you’ll need to do. This is legally required, and getting this task done much sooner rather than later is always a great idea. You don’t want to wait until the last minute to tackle this job. However, if you’re self-employed, there are many tax deductions you can take. 1. Home office Working out of your home office can allow you to get a lot done and remain organized throughout the year. Read More»
One of the ideal ways to earn a living is working for yourself. Doing this will provide you with a great deal of flexibility, and you’ll be able to work your own hours. This can allow you to enjoy life more and feel less stress related to earning a living. There are many pros and cons of this career type, but one of the benefits may be the tax deductions you’ll get. Read More»