Monthly Archives: June 2016

AIRBNB and VRBO Can Spell Tax-Free Income

This past tax season we noticed an uptick in the number of clients who rented out their homes through websites such as airbnb and VRBO.  Moreover, we saw a number of clients ask us how they would be taxed if they were to

Posted in 2016 Mid Year Newsletter

IRS Warns Parents and Kids About Newest Scam

From The IRS News – Issue IR-2016-81, May 27, 2016 WASHINGTON — The Internal Revenue Service today issued a warning to taxpayers about bogus phone calls from IRS impersonators demanding payment for a non-existent tax, the “Federal Student Tax.” Even

Posted in 2016 Mid Year Newsletter

This Year’s Most Interesting Tax-Season Observations

by Andrew D. Schwartz, CPA, Founder of The MDTAXES Network At some point during each tax season, there is a moment when I notice a recurring trend or theme that is unique and fascinating to that specific tax season. So what

Posted in 2016 Mid Year Newsletter

New Overtime Rules Take Effect Dec. 1st

The Department of Labor has a new overtime rule that takes effect Dec 1, 2016.  To summarize, if an employee is being classified as an exempt employee (and not currently being paid for any overtime), then their salary must be at

Posted in 2016 Mid Year Newsletter

Get Your Mid-Year Tax Projections

Want to make sure you’re taking steps to reduce your tax burden for 2016? Do you have self-employment income, multiple sources of income, or a job change in 2016? If so, our Mid-Year Tax Projection Service will help! We’ll calculate

Posted in 2016 Mid Year Newsletter