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Is Rental Property a Capital Asset?

Posted by & filed under Landlords & Rental Properties.

According to the U.S. Department of Housing and Urban Development, there were over 48.5 million rental units in the nation in 2015. Given the economic growth, increasing earnings, and a lower rate of unemployment, it is fair to assume that this number is even higher now. Thus, the number of people who engage in property… Read more »

Can I Deduct Nanny Expenses on My Tax Return?

Posted by & filed under Can I Deduct?.

Can I Deduct Nanny Expenses on My Tax Return? In a nation where nannies are one of the most fundamental parts of the working culture, it comes as no surprise that there are many laws specifically focused on them. Some of the most important ones, however, are the tax laws that guide people on how… Read more »

How Much in Taxes Do You Really Pay on 1099 Income?

Posted by & filed under Self Employed & 1099 Contractors.

As more and more people venture into the sphere of independent contracting, the demand for full-time employees, commonly known as “W2” workers, declines. This comes as no surprise given the number of benefits that both sides of the transaction enjoy. The workers, for instance, get to take advantage of unparalleled flexibility, and the employers get… Read more »

Can I deduct gofundme donations?

Posted by & filed under Can I Deduct?.

To answer the question can I deduct gofundme donations?, one must consider the facts and circumstances of the donation and apply the correct interpretation of the law. If you are the donor: The fact that a charitable contribution is made through gofundme does not make it nondeductible.  Depending on the facts and circumstances of each… Read more »