As remote work and small business continue to gain popularity, more individuals are setting up home offices to create a conducive work environment. What many may not be aware of is the potential tax benefits associated with a home office. The home office deduction allows eligible taxpayers to reduce their taxable income by claiming a […]
How to Renew Your ITIN
The Individual Taxpayer Identification Number (ITIN) is a crucial identification number used by individuals who are required to have a U.S. taxpayer identification number but are not eligible to obtain a Social Security Number (SSN). It’s primarily used for tax purposes. If your ITIN is set to expire or has already expired, renewing it is […]
Moving to a No-Income-Tax State? Watch Out for These Hidden Tax Costs
The promise of a state with no income tax can be incredibly appealing—especially for individuals coming from high-tax states like California, New York, or New Jersey. With the rise of remote work and the desire for a more flexible lifestyle, many people are packing up and heading to places like Florida, Texas, or Nevada in […]
Filing Taxes During Divorce: A Complete Guide
Going through a divorce is a major life transition, and it comes with a series of financial and legal decisions that can impact your future. One of the most complex aspects to navigate is how to handle your taxes while your divorce is still pending. Filing taxes during divorce requires a clear understanding of IRS […]
Tax Strategies for Seasonal Businesses
Running a seasonal business presents unique challenges and opportunities when it comes to taxes. Unlike year-round businesses, seasonal operations may generate the majority of their income in just a few months. However, this doesn’t stop them from still facing tax obligations throughout the year. Whether you’re operating a snow removal service in winter, a landscaping […]
Tax Differences Between Short-Term and Long-Term Rentals
The taxation of long-term and short-term rentals can differ significantly. These differences are primarily driven by the distinct nature of these rental arrangements and the objectives of tax authorities. Here’s an overview of the key differences in how long-term and short-term rentals are taxed. The 14-Day Rule Under the 14-day rule, if you rent […]