Tax Tips

Renting out a vacation home can be a lucrative venture, but it comes with a complex set of tax rules that homeowners must navigate to remain compliant and maximize their financial benefits.

More people are engaging in remote contract work than ever before. Remote contract work offers almost as many advantages to workers and companies as full-time employment.

Caring for a loved one with dementia is a profound emotional experience. The gradual loss of memory, personality changes, and the increasing need for constant care can be overwhelming. It's a time of sorrow, frustration, and often, financial strain. The emotional toll is heavy, and the financial implications can add to the burden.

More than ever, taxpayers are engaging in hobbies that bring in extra income to the household. There’s no limit to the creativity of humans, and hobbies run the gamut from painting, ceramics, baking, photography, weaving, blogging, coin collecting and more.

Owning your own business has significant tax advantages. Ask anyone who has gone from being an employee to being their own boss and they’ll tell you the deductions alone make it all worthwhile. Still, many business owners are missing out on a fair number of deductions. This may be for a combination of reasons.

If you've been busy rolling the dice at a crap table in Vegas, playing the lottery now and then, or betting on your favorite team to win a few games, you may have accumulated some gambling winnings.

You may have noticed a lot of talk lately about something called, “universal basic income.” The increase in online chatter about universal basic income, or UBI, is likely connected to the government handing out stimulus money during the pandemic. 

As you know, most income you earn or receive over the course of a year is subject to being taxed. While in many situations the taxes are paid through withholding, other situations may require you to make estimated tax payments.

While most people are accustomed to being in debt for homes, cars, and other things, being in debt to the IRS is a different matter altogether. Since the federal government does not appreciate it when folks don't pay the amount of taxes they owe, the penalties for tax debt are often severe.

Whether you are a business owner or an individual, meeting with your CPA is of course important when it comes to your taxes or other financial matters. However, even if you consider yourself to be well-versed in accounting, there are usually a few terms tossed your way that may leave you confused.