The Tax Professionals Blog
Short-Term Rentals
Many taxpayers will rent their first or second homes using rental agents or online rental services that match property owners with prospective renters, such as Airbnb, VRBO and HomeAway. When...
Read MoreBack-Door Roth IRAs
High-income taxpayers are limited in the annual amount they can contribute a Roth IRA. In 2016, the allowable contribution phases out for joint-filing taxpayers with an AGI between $184,000 and...
Read MoreThe Ins-and-Outs of Times Shares and Use as Cha...
Taxpayers sometimes donate a time-share week to a charitable auction, leading to questions about whether this is deductible as a charitable contribution.
Read MoreRental Cars & the Standard Mileage Rate
Can an individual rent a vehicle for business purposes from a car rental agency such as Hertz or Budget and deduct the standard mileage rate as opposed to deducting the...
Read MoreThe Tax Implications of Renting to a Relative
When a taxpayer rents a home to a relative for long-term use as a principal residence, the tax treatment of the rental depends upon whether the property is rented at...
Read MoreTax Treatment of a Marijuana Business
As marijuana businesses have been legalized in many states (24 at last count), the issues of how they can report their income and pay their taxes are relevant to more...
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