- Are You Considering Converting Your Home Into A Rental?
- When individuals buy new homes, they often consider turning their old homes into rentals rather than selling them. All too often, that decision is made without considering the tax implications. Converting a former residence into a rental may also happen when two individuals who each own a home get married or when individuals move to a new area but don’t want to sell their former homes. Whatever the reasons, the following tax circumstances should be considered before making that decision.
- Disabled Individuals May Be Missing out on the Earned Income Tax Credit
- The Earned Income Tax Credit (EITC) is a tax benefit for working people who have low to moderate income. It provides a tax credit that is treated like tax withholding: it goes to pay an individual’s tax liability, and any excess is paid to the individual in the form of a tax refund.
- Retired and gambling. The hidden tax consequences.
- You may be unknowingly increasing the tax on your Social Security benefits.
- Hobby or Business? It Makes a Difference for Taxes
- Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. The differences are:
- Summer Work For Your Child
- Consider hiring your child during the summer school vacation to work in your business. There are significant tax benefits.
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