Author: taxsecretsblog

Article Highlights: Reason for Conversion Basis Depreciation Cash Flow versus Tax Profit or Loss Passive Losses Home Gain Exclusion Other Tax Issues Becoming a Landlord With the current substantial appreciation in home values and demand for housing exceeding the available inventory, along with low home

Article Highlights: Tax-Free Income from Working Abroad Foreign Earned Income and Housing Exclusions Foreign Self-Employment Income Claiming or Revoking the Exclusion U.S. citizens and resident aliens are taxed on their worldwide income, whether they live in the U.S. or in another country. However, qualifying U.S.

Article Highlights: Tax Credit Credit Phase-Out Determining the Credit Off-Road Vehicles and Golf Carts   Allocation Between Business and Personal Use Credit Reduces Basis Business Standard Mileage If you are considering purchasing an electric vehicle and expect to receive a federal tax credit along with

Article Highlights: Physical Injury Wrongful Death Emotional Distress Employment Discrimination Sexual Harassment Human Trafficking Restitution Wrongful Incarceration Damages Related to Business Interests Legal Expenses Frequent questions that arise are: Are amounts received from settlement of lawsuits and other legal remedies taxable? Are the legal fees

Article Highlights: Employees Self-Employed Individuals Quarterly Payments Underpayment Penalty Safe Harbor Payments Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a

Article Highlights: Extensions Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2018 Tax Year Missing Information As a reminder to those who have not yet filed their 2021 tax returns, April 18, is the due date to either file a

April 2022 Individual Due Dates April 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later

If you are required to pay quarterly estimated income tax, an upcoming change in interest rates being imposed by the IRS may have a direct impact on you. Effective April 1st, 2022, corporations and self-employed filers who submit quarterly estimated taxes will see a hike

What you do with your paystub often depends on how you get paid. If you have direct deposit there’s a good chance that you just rip the entire thing up without a glance, confident in the fact that the money is in your bank account

According to one recent study, only about two-thirds of all businesses that open today will survive two years in operation. Roughly half of them will last approximately five years. When you get to 10 years out, that number drops to one-third, according to the Bureau