If you rent out your primary or secondary residence for no more than 14 days this year, you may be eligible for a tax break known as the “Augusta rule.” The rule allows eligible homeowners to temporarily rent out their homes without reporting the rental income on their personal tax returns. Homeowners typically take advantage […]

The IRS has turned to the American Institute of CPAs (AICPA) for help identifying taxpayers who may have received IRS Notice CP53E in error. CP53E asks taxpayers to provide or update their bank account information for direct deposit of a tax refund. Millions of taxpayers received these mailed notices, causing confusion about refund processing and […]

IRS did better than expected on refunds despite job cuts: Watchdog https://bit.ly/4wnmgGx 

Summer often brings yard sales, storage cleanouts and online sales of unwanted items. If you receive payments through third-party payment apps or online marketplaces such as PayPal, Venmo or eBay, you may receive a Form 1099-K reporting your total payments. This form is required if the payments you receive via the platform during the year […]

Pets can provide business tax advantages. It’s true! Your business may be able to deduct the cost of “employing” cats and dogs, so long as the animals serve a bona fide business purpose. Working animals that generally qualify include guard dogs and cats that protect facilities from rodents. If these workers are also part-time pets, […]

Uncapping the Payroll Tax Would Be the Largest Tax Hike in Decades—and Still Wouldn’t Save Social Security https://bit.ly/4f1jAYa 

Contributions to Section 530A accounts (also known as Trump Accounts) are now eligible for the gift tax annual exclusion. If, for example, you contribute cash (including via check or EFT) to a child or grandchild’s account, that contribution won’t be subject to the federal gift tax or related reporting requirements, as long as your total […]

For many business owners, the terms “repairs” and “improvements” are interchangeable. But the tax implications differ. If your business completes repairs, you can deduct the costs the year they’re made. Improvements are capital expenditures that generally must be written off over time. Determining whether work constitutes a repair or an improvement can be tricky. The […]