Unfortunately for taxpayers rental income is taxed but there are a few rules you should know about rental income before you fill out your tax return. Renting income from a vacation home can take many forms. You can be taxed on a house, mobile home, even a boat but...
One thing taxpayers don’t pay enough attention to is their withholdings. Withholding too much tax from your wages isn’t a smart financial move. Match your withholding as closely as possible to your actual tax liability for the year, and invest the extra money for...
There are many worthwhile reasons to lend money to a relative. For example, you may want to help a child or sibling continue their education or start their own business. But lending money to relatives can have tax consequences. The IRS requires that a minimum rate of...
Many people have questions about grouping together improvements and repairs when deducting business expenses. The answer is to keep repairs separate from major improvements. Ordinary repairs and maintenance on business equipment and buildings are deductible business...
Are you a parent who is trying to find a way to cut child care costs? If you work and pay for child care, you may be eligible for the child care credit. Also, your employer may allow you to set aside part of your salary tax-free to pay for child care expenses. You may...
