When you own rental property you are essentially running a small business. Here are 10 primary tax deductions for rental property owners that you can use to reduce your rental income for income tax purposes. 1. Mortgage Interest Just as you would report your mortgage interest on your primary residence on Scheduled A of your … Read moreTop 10 Tax Deductions for Rental Property Owners
For all the freelancers, small business owners and self-employed individuals out there, staying on top of when the estimated tax payments are due is important to help you stay within the IRS tax payment guideline and avoid penalty. Making estimated tax payments also helps you avoid financial shortfall when you file your tax returns. Here’s … Read moreQuarterly Estimated Tax Payments Due Dates for 2013-2014
The following article contains information about the federal income tax rates for 2011, 2012, and 2013. Use 2013 rates to prepare and file your 2013 tax return in early 2014. Use 2014 rates to plan for 2014 tax year. To the extent that the information in this article helps summarize the changes in Federal Income … Read moreIRS 2013 and 2014 Tax Tables (Federal Income Tax Rates)
Tis the season for tax scams. As always, scammers are out in full force, looking for ways to get their hands on some of your hard-earned cash. Before you trust someone with your tax information, stop and ask yourself whether or not it’s too good to be true. Also, be on the alert for scams that … Read moreWatch Out for These Four Tax Scams
The tax year is over, so it’s too late to come up with ways to lower your tax bite. Or is it? Below are six strategies to reduce your taxable income, and all they will take is a closer look at expenses you had during the year, or even to create some now that will … Read more6 Strategies to Reduce Your Taxable Income
As we slowly approach the April 15th deadline for filing 2012 tax returns, the following are 5 tips to help you get started with you tax filing process. 1. File Your Return On Time If you haven’t received your W-2 you can still file your tax return by the April 15th deadline. Use Form 4852, … Read more5 Tax Tips To Help You Get Started This Filing Season
One of the realities of earning more money is that you also need to report that income to the IRS. When you have a side hustle, you are supposed to report that income — no matter how insignificant it seems to you. Your income is reported on your tax return, usually using Form 1040. Additionally, … Read moreWhat Income Do You Need to Report to the IRS?
For both individuals and small businesses, keeping track of all the important tax and money due dates throughout the year can be overwhelming. Forgetting a deadline is an extremely costly mistake in most cases: you end up paying fees and penalties for slipping up. Don’t let a lack of organization cost you; here’s a list … Read moreImportant Tax and Filing Dates for Individuals and Small Businesses
I have been running my home business for almost six years now. As a result, I am well acquainted with the concept of paying quarterly estimated taxes. Paying quarterly estimated taxes not only keeps the IRS off your back, but it also helps you avoid a huge — and sometimes inconvenient — tax bill each … Read moreDo You Need to Pay Quarterly Estimated Taxes?
In the past the process of getting rid of a used vehicle that you didn’t want to bother selling was pretty simple. Just find a charity to accept the vehicle as a donation and take a tax deduction the fair value of the vehicle. It seemed like a win-win. The charity sells the vehicle and … Read moreShould You Ever Donate Your Vehicle to Charity?