IRS Summertime Tax Tip 2016-19—What to Expect at Tax Time if You Rent Out Your Vacation Home

Renting out a vacation property to others can be profitable. If you do this, you must normally report the rental income on your tax return. You may not have to report the rent, however, if the rental period is short and you also use the property as your home. Here are some tips that you… Read more »

Moving For A New Job? Expenses Can Be Tax Deductible

Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses. In order to deduct moving expenses, your move must meet three requirements: 1. The move must closely relate to… Read more »

QuickBooks Tips – The QuickBooks Home Page Is Your Friend

Do you use QuickBooks for PC or MAC? While slightly different, both of these versions of QuickBooks have a Home Page that can be very helpful in your day to day bookkeeping. There are many options available to you on the Home Page that you may or may not need to use, but being familiar… Read more »

Regulations Eliminate Requirement to Submit Copy of 83(b) Election with Individual Tax Returns

The IRS has issued final regulations that eliminate the requirement that a copy of a Code Sec. 83(b) election be submitted with an individual’s tax return. These regulations are applicable for property transferred on or after January 1, 2016. Generally, when an individual is compensated for the performance of services with property (such as stock), the difference… Read more »

Larson Offers Outsourced Technology Services

In the business world today, up to date technology and information management go hand and hand with small business success. At Larson CPA we understand that your small business might not have the free capital available to hire a full time IT Director. To help address this very important area, we offer outsourced technology services…. Read more »

Court rules Obamacare reimbursements unconstitutional and other updates for taxpayers

The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Date extended for employers to claim revived work opportunity tax credit. The Code Sec. 51 work opportunity tax credit allows employers who hire members of certain “targeted… Read more »

2016 Second Quarter Federal Tax Developments

During the second quarter of 2016, there were many important federal tax developments. This letter highlights some of the more significant developments for you. As always, contact our office if you have any questions. Tax legislation President Obama signed the Recovering Missing Children Act (HR 3209) in June. The bill amends Code Sec. 6103 to… Read more »

IRS Cautions Taxpayers About Scammers After Orlando Mass-Shooting

Possible fake charity scams may be emerging following the mass-shooting in Orlando, the IRS has warned. Scammers often take advantage of tragedies to impersonate charitable organizations. Scammers take a variety of approaches, the IRS reported. They may contact taxpayers by telephone, social media, e-mail, or person solicitations. Often, scammers will use names similar to recognized… Read more »

Understanding Marginal vs. Effective Tax Rate

Taxes are a frustrating nightmare through which you have to wade. In the US, they’re made harder still by the fact that American citizens are taxed on a progressive tax scale (taxes rise with your income). That’s what creates your marginal and effective tax rates. Marginal tax rates are the rate of tax that applies… Read more »

IRS Warns Taxpayers About New Scam Demanding Payment for “Federal Student Tax”

The IRS is warning taxpayers of a new scam in which criminals demand payment for a nonexistent tax, the “federal student tax.” Although the 2016 filing season has ended, criminals continue to contact taxpayers, in this case students, with bogus phone calls. This latest scam involves criminals trying to convince taxpayers to wire money immediately to pay… Read more »