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Category: Tax Rules

Solo 401(k) Could Be Your Best Retirement Plan Option

Solo 401(k) Could Be Your Best Retirement Plan Option

Solo 401(k) Could Be YourBest Retirement Plan Option Have you procrastinated about setting up a tax-advantaged retirement plan for your small business? If the answer is yes, you are not alone. Still, this is not a good situation. You are paying income taxes that could...
Kiddie Tax Changes

Kiddie Tax Changes

Avoiding the Kiddie Tax after Tax Reform In December 2017, Congress enacted the Tax Cuts and Jobs Act (TCJA) and changed how your children calculate their tax on their investment-type income. The TCJA changes led to much higher tax bills for many children. On December...
Congress Reinstates Expired Tax Provisions

Congress Reinstates Expired Tax Provisions

The big five tax breaks that most likely impact yourForm 1040 Congress let many tax provisions expire on December 31, 2017, making them dead for your already-filed 2018 tax returns. In what has become a much too common practice, Congress resurrected the dead...
Can the IRS Require Odometer Readings with the Mileage Rate?

Can the IRS Require Odometer Readings with the Mileage Rate?

Can the IRS Require Odometer Readings with the Mileage Rate? Do you claim your business miles at the IRS optional rate? If so, imagine you are now being audited by the IRS for your business mileage. The IRS has requested odometer readings for your vehicle. You might...
Know These Tax Rules If Your Average Rental Is Seven Days or Less

Know These Tax Rules If Your Average Rental Is Seven Days or Less

Know These Tax Rules If Your Average Rental Is Seven Days or Less If you own a condominium, cottage, cabin, lake or beach home, ski lodge, or similar property that you rent for an “average” rental period of seven days or less for the year, you have a property with...