Gambling and Tax Gotchas

Article Highlights: Winnings  Losses  Social Security Income  Health care Insurance Premium Subsidies  Medicare B & D Premiums  Online Gambling Accounts  Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings. In
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Maximize Your Child Care Credit

Article Highlights: Age Limitation  Credit Percentages  Expenses  Child Turns 13 During Year  Dependency Requirement  Camps  School Expenses  Day Care Facilities Dependent Care Benefits In-home Care Caregiver  Disabled or Full-time Student Spouse Married Separate Filers  Records Required  Parents who work or are looking for work must arrange for care of their children during working hours or
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All About Taxes. Are You Misclassified As An Independent Contractor?

If your employer is misclassifying you as an independent contractor versus an employee it can affect your social security and other benefits. You do have options. Call this office to learn more.
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Tax Breaks for Military Personnel

Article Highlights: Residence or Domicile  Moving Expenses  Combat Pay Exclusion  Living Allowances  Home Mortgage Interest and Taxes  Home Sale Gain Exclusion  Reservist Travel Expenses  Reservist Early Withdrawal Exception  Extension of Deadlines  Uniform Costs and Upkeep  Joint Returns o Tax Forgiveness  ROTC Students o Transitioning Back to Civilian Life  Military service members have special obligations and
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QuickBooks Tips: Best Practices for QuickBooks Online

Even if you’ve been using QuickBooks Online for a long time, it’s good to step back and evaluate your actions. “Best practices” aren’t enforceable rules. They’re simply guidelines businesses commonly follow in one area or another. If you’re in retail, for example, one best practice might be to always ask customers checking out if they
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Taking Advantage of Tax-Free Gifting

Article Highlights: Lifetime exclusion  Annual exclusion  Medical exception  Education exception  Gifting techniques  If you are fortunate enough to have a large estate – one large enough to be subject to the estate tax upon your death – you might be considering ways to give away some of your wealth to your family and loved ones
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Using Online Services Such as Airbnb to Rent out Your Home? Better Read This!

Article Highlights: Airbnb, VRBO, and HomeAway  Rented for Fewer than 15 Days during the Year  The 7-Day and 30-Day Rules  Exceptions to the 30-Day Rule  Schedule C Reporting  Renting out your home or second home for short periods of time is becoming increasingly popular with the advent of online services that match property owners with
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Are You Considering Converting Your Home Into A Rental?

Article Highlights: Home Sale Gain Exclusion  Home Sale Loss Rule  Mortgage Interest Deductions  When individuals buy new homes, they often consider turning their old homes into rentals rather than selling them. All too often, that decision is made without considering the tax implications. Converting a former residence into a rental may also happen when two
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Disabled Individuals May Be Missing out on the Earned Income Tax Credit

Article Highlights: EITC Overview  Earned Income Requirement  Disability Income as Earned Income  Credit Phase-Out  Amending Open Years  The Earned Income Tax Credit (EITC) is a tax benefit for working people who have low to moderate income. It provides a tax credit that is treated like tax withholding: it goes to pay an individual’s tax liability,
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Retired and gambling. The hidden tax consequences.

You may be unknowingly increasing the tax on your Social Security benefits. Why? Because the amount of Social Security that is taxed increases as your gross income increases. Watch the video below to learn more.
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