From IRS Tax Tips: Whether you like to play the ponies, roll the dice or pull the slots, your gambling winnings are taxable. You must report all your gambling income on your tax return. If you’re a casual gambler, odds are good that these basic tax tips can help you at tax time next year:… Continue reading IRS Tips on Gambling Income and Losses
From IRS Tax Tips: If you rent a home to others, you usually must report the rental income on your tax return. But you may not have to report the income if the rental period is short and you also use the property as your home. In most cases, you can deduct the costs of… Continue reading Vacation Home Rentals
Here's a link to the IRS Resource Center to help you navigate self-employment income and expenses: http://www.irs.gov/Individuals/Self-Employed You'll learn what exactly is self-employment income, what are estimated tax payments, home office deductions, and more.
From IRS News: Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. The IRS offers these six tax tips for the casual gambler. 1. Gambling income includes winnings from lotteries, raffles, horse races and casinos. It also includes cash and the fair market value of prizes you… Continue reading Six Tips on Gambling Income and Losses
Here's our 6 minute YouTube presentation of how to implement SIBS ( a Simple Incentive Bonus System) for your practice so you can increase revenue and profits: https://www.youtube.com/watch?v=urSP2jAz6ag
A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may not have to report that income if the rental period is short. In most cases,… Continue reading Renting Your Vacation Home?
Recently, I've had a handful of clients send me e-mails that include this request from foreign businesses that they will be working with: As we have previously informed you, you will be receiving honorarium for your lectures. To pay you the full amount, we will be needing you to give us certificates of residence the… Continue reading TRAVELING ABROAD TO EARN SOME EXTRA INCOME? IF SO, THE IRS NOW HAS A NEW FORM FOR THAT.
As we announced in our April 2010 newsletter, the IRS has agreed to process FICA refund claims submitted by residency programs and individual medical trainees for wages paid through March 31, 2005. The catch is that only refund claims previously filed with the IRS will be processed, since the statute of limitations has expired for… Continue reading WHY THE FICA REFUND ONLY APPLIES TO PRE-4/1/2005 WAGES
Would you be interested in having the government fund 50% of your 2009 and 2010 research expenditures? As long as your business has less than 250 employees, you have until July 21st to submit your application to the IRS on Form 8942. As part of the Patient Protection and Affordable Care Act signed into law… Continue reading JULY 21ST IS DEADLINE TO APPLY FOR UP TO $5 MILLION GRANT FOR YOUR BIOMEDICAL RESEARCH PROJECT