During an audit, if the IRS finds no reasonable indication that you have unreported income, it won’t seek intrusive and extraneous information about your lifestyle. That may not make you less nervous about being audited, but it should reassure...
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Home Improvements and Taxes: What You Can (and Can’t) Deduct For any renovation or repair to qualify for a tax deduction, the work must qualify under IRS rules as a home (or capital) improvement. Examples of projects that may...
Choosing the Right Business Structure: LLCs, Corporations, and More Choosing the right business format is a critical step in establishing your business venture. Each structure has unique features, from tax implications to liability protections, that can significantly impact your...
Why Young Families Need an Estate Plan—Now, Not Later Estate plans may seem like a domain for older individuals, but they are an essential planning tool for every family. For families, the most important question is who will raise...
Personal Tax Audit? Here’s How to Handle It With Confidence If you’ve been selected for an IRS audit, don’t panic — preparation is key. Start by carefully reviewing your tax return, either with the professional who prepared it or,...
What Are the Rules on Overtime? Before we can fully understand what overtime is, we need to understand how the Fair Labor Standards Act defines a workweek. FLSA says that an employee’s workweek is a fixed and regularly recurring...
How to Avoid Tax Pitfalls With Your Vacation Rental Property Purchasing a vacation home and renting it when you are not using it is an excellent way to help finance the property. However, the tax aspects of renting your...
Trusts Versus Wills: What’s Right for You? A will is a legal document that takes effect after your death. It specifies how you want your assets distributed and allows you to name a guardian for minor children. Wills must...
How Can I Turn My Hobby Into a Business? Maybe you see how an off-hours activity can become a profitable company. Or perhaps you have a spouse who brings in sufficient income to support both of you, and you’d...
Own Property? Here’s a Smart Way to Save on Taxes Own property? Here’s a smart way to save on taxes.If you’re a property owner looking for ways to reduce your tax bill, cost segregation might be the strategy you’ve...