5 Resolutions QuickBooks Online Users Should Make for 2021

A painful year is drawing to a close. We’ll still be dealing with COVID-19 and a struggling economy in early 2021, but there’s hope on the horizon. There’s a lot you can’t control about the difficulties facing our country, but you can take control of your corner of it, especially in terms of how you […]

Don’t Miss the Opportunity for a Spousal IRA

Article Highlights:  Spousal IRA  Compensation Requirements  Maximum Contribution  Traditional or Roth IRA?  One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment). Spousal IRAs are the exception […]

Is That Inheritance Taxable?

Article Highlights:  Estate Tax  Estate Tax Exemption  Fair Market Value at Date of Death  Step up in Basis  Community Property  Deferred Untaxed Income  Are inheritances taxable? This is a frequently misunderstood taxation issue, and the answer can be complicated. When someone passes away, all of their assets (their estate) will be subject to estate taxation, […]

Renting Your Home or Vacation Home for Short Periods

Article Highlights:  Airbnb, VRBO, and HomeAway  Rented for Fewer than 15 Days During the Year  The 7-day and 30-day Rules  Exceptions to the 30-Day Rule  Schedule C Reporting  Many taxpayers rent out their first or second homes without considering tax consequences. Some of these rules can be beneficial, while others can be very detrimental. If […]