Like most credit card users, you’re probably excited about getting cashback rewards on your purchases. Those rewards can make your card worth keeping and help you build up a credit score. But you might be wondering: are credit card rewards taxable? In most cases, the answer to this is no, though there are some exceptions. This article will discuss the tax …
Tax credits are a great way to reduce your taxes. The IRS allows people like you to take certain tax deductions every year. Key Point: Remember that your tax credit can expire because you lose them if you don’t use them! There is a possibility you might be already doing things to lower your taxable income, such as using your 401(k), …
Tax Deductions 🙂 The meals and entertainment deduction has been tweaked so often that it’s difficult for business owners to know which deductible and disallowed expenses. Here are some meal expense categories you might be keeping track of: Office snacks — if you occasionally provide coffee and snacks in the break room for employees. Office meals — if you provide food to your …
Dear COVID EIDL Borrower: URGENT. 3-DAY FINAL NOTICE OF SBA COVID EIDL DOCUMENT DOWNLOAD OPPORTUNITY. Your access to the RAPID COVID EIDL portal ends in 3 calendar days, on May 16, 2022. Please sign your documents in the portal by May 16, 2022. If you have not done so already, please download copies of your loan documents from the RAPID COVID EIDL Portal for …
We all know you can have tax-code-defined vacation homes in the city, the suburbs, and recreation areas. Your tax life can get more complicated when you have both rental and personal use of the home; because you have entered the tax code’s vacation home section. In this situation, the property is one of the following: Principal residence Second-home Rental property …
There are more cases where the Limited Liability Company (LLC) is “pierced” in a lawsuit, and a plaintiff grabs the owner’s assets. The reason why…owners are not doing their annual maintenance such as annual meeting LLC. Now it doesn’t have to be expensive; it can be easy. It can also: Increase your audit protection with the IRS Get you more …
More people are working from home, either as employees or independent contractors (IC). There are apparent differences in the tax planning for employees and ICs, but there is one big question in the case of location-independent work like this if you’re moving to another state. Where is Your Tax Residency? People are on the move in these months after the …
The federal income tax tables do not accurately reflect your valid tax rates. For Example, The NIIT is a 3.8% tax on net investment income. You’re one of NIIT’s prime targets if you own rental property. You only pay the NIIT if: Your modified adjusted gross income (MAGI) exceeds $200,000 if you’re single, or $250,000 if you’re married filing jointly ($125,000 …
Our home is our most valuable asset for most of us, but it can also be one of our most vulnerable assets. Keep in mind that not only is every individual in a different situation with their assets, family, and types of risks they’re facing, but EVERY STATE is just a little different in the way asset protection applies to …
Tax Benefits of Hiring Your Children: Tax Strategy and Implementation Strategy: You can take a tax deduction in your business for paying your kids a fair wage for legitimate work and services they provide to your business. Thus, you generate an excellent tax-deductible expense for your income taxes (inside your business) by pushing income to your children. You are shifting …
