Taxes

Construction Income and Deductions

Income Contractors, subcontractors, and workers must pay taxes on income received for all work, including side jobs and work that is paid for with cash. This includes work in exchange for credit on a bill. It also includes work that is done in exchange for goods or services in a barter exchange. You are required […]

Rental Property Income and Deductions

Rental Income In the simplest terms, rental income is any payment received for the use or occupation of property. Most landlords operate on a cash basis. That means they count payments as income in the period they are received and deduct expenses in the period they are paid. Landlords also need to be aware of […]

Reporting Capital Gains

Almost everything you own and use for personal purposes, pleasure, business or investment is a capital asset, including: Your home Household furnishings Stocks or bonds Coin or stamp collections Gems and jewelry Gold, silver or any other metal, and Business property Understanding Basis The difference between the amount for which you sell the capital asset […]

Deducting Travel, Entertainment and Gift Expenses

The Internal Revenue Service reminds taxpayers that there are specific guidelines to be followed when deducting travel, entertainment and gift expenses.In order to educate taxpayers regarding their filing obligations, this fact sheet, the eighth in a series, explains the rules for deducting these expenses. Travel, entertainment and gift expenses account for just part of the […]

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