If you make income from the sharing economy it could impact your taxes. Whether you’re thinking about renting your home while on vacation or taking on a side hustle to put some extra cash in your wallet, you need to consider a few things before you jump in. The key factors for you to know are that the sharing economy activity is generally taxable! That could include: Income stated on a 1099 or W-2 A side business Part-time work Any cash payments received When it comes to rentals, you will want to keep in mind that there are special rules governing this activity. If you are among those renting out a home or apartment, but who also lives in it during the year, be sure to chat with a check the IRS website or chat with your CPA. If you do take part in the sharing economy as an employee, you should review your […]
We all receive many email messages. As we read them we assume that they are actually from the person they claim to be from… especially if the email looks and sounds official. However, if you receive one from the Internal Revenue Service, you have just gotten an IRS phishing scam email. These scams are generally carried out through unsolicited emails or websites, and will typically request personal or financial information including requests for passwords, PIN numbers, or any information concerning your credit cards, banks, and other financial accounts.
If you are among the taxpayers that will receive a letter from the IRS this summer, remember DON’T panic. Remember that you have rights as a taxpayer, which you can find listed in the Taxpayer Bill of Rights. Additionally, there are some things you can do when the letter arrives.
If you needed more time to file your tax return, keep in mind that your extended deadline will be here soon. For most taxpayers, the 2018 Tax Extension deadline is Monday, October 15th. Here is some “last minute” information to remember if you have filed for a tax extension:
If selling your house is in the near future, you a few things to keep in mind. For example, the sale of your home could put you in another tax bracket, that is unless you may also qualify to exclude all or part of the income from the sale. Below tax tips you need to know when you sell your home:
With popular sites like Airbnb, HomeAway, and VRBO renting out your property is becoming more and more popular, especially heading into summertime. However, you need to be aware of the tax implications of renting out a vacation home.