Tax Planning for Snowbirds You can plan your tax-deductible business life to avoid cold winters and hot summers. Spend a moment examining the following four short paragraphs that contain the basic facts from the Andrews case. For six months of the year, from May...
Hiring Your Children to Work on Your Rental Properties Have you considered hiring your children to work on your rental properties? If so, were you concerned when you did not see a line item for wages on Schedule E of your Form 1040? Don’t let that bother you. The IRS...
Reduce Self-Employment Taxes by Renting from Your Spouse As a sole proprietor, you know that the 15.3 percent self-employment tax can eat up your profits in a nhurry. You may be able to use a simple strategy to ease this tax burden. If you own an office building or...
Your Personal Home Is Not Your Tax Home The fact that your personal home is not your tax home is one income tax issue. Here’s another: Business travel is different from business transportation. Your tax deductions, tax strategies, and tax records hinge on the...
How to Deduct Your Legal Fees after Tax Reform The Tax Cuts and Jobs Act (TCJA), known as tax reform, made it more difficult for you to deduct your legal fees. The new tax reform law suspended (killed is a better word) your legal fees as 2 percent miscellaneous...
Avoid Being an IRS Target When Your Business Loses Money If you operate what you think is a business, but that business loses money, it may not be a business at all under the tax code. Such a money-losing activity can look like a tax shelter to the IRS, and that...
