- Thinking of Converting Your Home to a Rental? Better Read this First
- If you are considering converting your home to a rental, there are a number of tax issues you need to consider before making a final decision.
- Taking Advantage of Back-Door Roth IRAs
- If you are a high-income taxpayer and would like to contribute to a Roth IRA but cannot because of income limitations, there is a work-around that will allow you to fund a Roth IRA.
- Seniors Beware, Affordable Care Act Will Be Cutting Your Medical Deductions
- When an individual itemizes deductions, one of those deductions is the cost of medical and dental expenses, including health insurance premiums. However, the medical expense deduction has been historically limited to the amount that exceeds 7.5% of a taxpayer's adjusted gross income (AGI).
- Cutting the IRS Out of Your Gifts
- If you are financially well off, you may want to gift money or property to family members or others you care about. If that is the case, there are some gift tax issues you should be aware of. Oh yes, the government even taxes gifts if they are large enough, so it is best to know the rules; otherwise you may end up making a gift of taxes to the IRS.
- Don't Be Left Holding the Tax Bag
- If you use independent contractors in your business and pay them $600 or more during the calendar year, you are required to issue them a 1099-MISC after the close of the year. If you fail to do so, and your (if you operate as a Schedule C sole proprietor) or your business's income tax return is subsequently audited, you could lose the deduction for those payments and end up paying taxes on that income yourself, not to mention potential penalties.
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