Be honest – you’ve thought about what it’d be like to win the lottery. What you might not have considered is the amount you’d actually end up with once you collect your winnings. After factoring in how much you spent on your lottery tickets, plus cuts from retailers and state and federal taxes, you’re looking […]
Have you ever heard of the marriage penalty? It means you could be taxed more as a married couple than you would as single people making the same amount of money. This is because single filers almost always have higher income thresholds when moving to higher tax brackets. Personal exemptions and itemized deductions can also […]
In light of the numerous hurricanes forming this season, disaster planning for Florida businesses is a vital and necessary process. But individuals and families need to also prepare for worst-case scenarios. With so many issues to consider, the topic can seem a little overwhelming. To help simplify matters, here are five keys to disaster planning that everyone should consider: Insurance. Start […]
Don’t leave it up to chance – check your 2017 tax withholdings while you still have some time to make changes. You can use the withholding calculator on the IRS website to see if you are paying too much or not enough. To make a change, fill out a Form W-4 and give it to […]
Fourth-quarter interest rates will stay the same. Those rates include: 4 percent for overpayments (3 percent for corporations), 1.5 percent for the portion of a corporate overpayment over $10,000, 4 percent for underpayments and 6 percent for large corporation underpayments.
If you invest a ton of personal time and effort into your hobby, plus you have multiple customers and keep professional records, your hobby might actually be a business. Turning your hobby into a business means you can deduct qualified business expenses. But that’s only if you do it right. The IRS has certain criteria […]
If you exchanged items or services with someone and didn’t use money, you’ve bartered! That means you have to list the difference in fair market value between what you’ve exchanged as either income or a loss on your tax return. Before you establish the value of a bartered item, take a look around at how […]
Owning a home isn’t for everyone, but there are some great tax benefits for people who do. Building equity is a popular reason why renters decide to become homeowners. Paying a mortgage allows you to build up equity in property that you can realize when you sell. And when you do sell, profits you make […]
If an IRS agent makes an in-person visit to your home or business and it feels a little off, ask for credentials. All real IRS agents should carry two forms of identification showing that they’re legit – a personal identity verification card and a pocket commission card. And regardless of how an agent is contacting […]
Pets are family – and sometimes business. If you own an animal that has a specific role in your business (like a guard dog or a cat that keeps pests away), you may be able to deduct the cost of your pet on your tax return.