Monthly Archives September 2016

If you own vacation rental property and rent it out for more than 15 days per year, then you will need to report the rental income on your tax return. If your vacation rental property is also used as a personal residence, then your rental expense deduction will be limited to the amount of rent you received. Rental property income and expenses are reported on Schedule E of your tax return.  Personal deductions such as mortgage interest and property taxes are reported on Schedule A. If you personally use your rental property and also rent it out, then you will
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There are many tax considerations to consider when you start a business.  The list below is a good place to start. Business Structure: When you start a business, you need to decide the structure for your business.  Most businesses are either sole proprietorships, partnerships, corporations, limited liability companies, or professional limited liability companies.  Each structure has unique tax obligations.  A CPA can help you decide the best structure for your business. Business Taxes: Every business has to pay tax.  There are 4 types of business taxes: income taxes self-employment taxes employment taxes excise taxes The types of taxes a business
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The IRS issued a summer time tax tip about identity theft. Identity theft is a growing problem and one of which I have personally been a victim. The following actions will help protect your identity: 1. Keep your social security cards in a safe deposit box and only give your social security number out when absolutely necessary. 2. Make sure you are using anti-virus and anti-spam programs on your computer. 3. Make sure your computer and phone requires a password. 4. Make sure all your passwords are complex and contain numbers and special characters in addition to letters. Change your
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The IRS is urging taxpayers to check their mid-year withholdings. The IRS is now required to hold 2017 income tax refunds for a few weeks for taxpayers who claim the Earned Income Tax Credit and the Additional Child Tax Credit. The IRS will also be reviewing returns more closely due to the threat of identity theft and that will cause a delay in returns and refunds being processed. If you are accustomed to receiving a large refund early in the spring, you may want to change your withholdings so that you can have more take home money now. You can
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2016 3rd Quarter Estimated Tax Payments are due on September 15th. Form 1040-ES has an estimated tax worksheet and a payment voucher. Tennessee residents need to mail their voucher and estimated tax payment to: Internal Revenue Service P.O. Box 931100 Louisville, KY 40293-1100 2016 4th Quarter Estimated Tax Payments will be due on January 17, 2017.
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