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 […]
https://tarlow.com/wp-content/uploads/2021/01/Aprio-color-logo-tarlow.png00Joanna Castlehttps://tarlow.com/wp-content/uploads/2021/01/Aprio-color-logo-tarlow.pngJoanna Castle2020-12-13 22:46:022020-12-13 22:50:145 Resolutions QuickBooks Online Users Should Make for 2021
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 […]
https://tarlow.com/wp-content/uploads/2021/01/Aprio-color-logo-tarlow.png00Joanna Castlehttps://tarlow.com/wp-content/uploads/2021/01/Aprio-color-logo-tarlow.pngJoanna Castle2020-12-13 22:36:232020-12-13 22:36:23Don’t Miss the Opportunity for a Spousal IRA
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, […]
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 […]
https://tarlow.com/wp-content/uploads/2021/01/Aprio-color-logo-tarlow.png00Joanna Castlehttps://tarlow.com/wp-content/uploads/2021/01/Aprio-color-logo-tarlow.pngJoanna Castle2020-12-11 23:19:022020-12-17 20:31:49Renting Your Home or Vacation Home for Short Periods
5 Resolutions QuickBooks Online Users Should Make for 2021
/in Business Planning, Firm News, QuickBooks /by Joanna CastleA 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
/in Firm News, IRAs, Roth IRA, Tax Filing, Taxes /by Joanna CastleArticle 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?
/in Estate Planning, Firm News, Tax Planning, Tax Tips, Taxes /by Joanna CastleArticle 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
/in Business Planning, Business Tax, Firm News, Tax Filing, Tax Planning, Tax Tips, Taxes /by Joanna CastleArticle 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 […]