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Hobbies and Income Tax

By Joaquin On September 16, 2016 · Add Comment
Hobbies and Income Tax Article Highlights: Hobby, Trade, or Business Profit Motive Factors Determining Profit Motive Presumption of Profit Motive Tax Treatment of Hobbies Millions of U.S. taxpayers engage in hobbies such as collecting stamps or coins, refurbishing old cars, making crafts, painting or breeding horses, and the list goes on. Some hobbies will actually [...]
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Did You Know Gambling Can Increase Your Health Insurance Costs?

By Joaquin On September 6, 2016 · Add Comment
Did You Know Gambling Can Increase Your Health Insurance Costs? Article Highlights: Adjusted Gross Income Reporting Gambling Winnings Reporting Gambling Losses Netting Gambling Winnings & Losses Premium Tax Credit Game Show Winnings Medicare Premiums If you are a recreational gambler, there is a quirk in the tax law that can actually cause you to pay [...]
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New Business? First-Year Deduction Strategies

By Joaquin On September 6, 2016 · Add Comment
New Business? First-Year Deduction Strategies Article Highlights: Equipment Depreciation & Expensing Opportunities Vehicle Luxury Auto Rules Leasehold Improvement Expense Options Start-Up Cost Elections Organizational Expense Alternatives If you are planning a new business start-up and are incurring some expenses, you probably anticipate deducting those expenses in the first year of the business’s operation. Unfortunately it [...]
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Avoid These 4 Common Small Business Accounting Mistakes

By Joaquin On September 6, 2016 · Add Comment
Avoid These 4 Common Small Business Accounting Mistakes Article Highlights: Reporting employees as independent contractors Not reconciling bank accounts regularly Forgetting to record payments against open invoices Not understanding the differences between cash flow and profit When you decided to open for business, you had a vision for the future. You identified a need and [...]
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Partners May Not Be Employees

By Joaquin On August 23, 2016 · Add Comment
Partners May Not Be Employees Article Highlights: Partner Employee Issue Self-employment Tax Employee Benefit Plans If your partnership has been treating you and other partners as employees of a disregarded entity owned by the partnership in order for the partners to participate in employee benefit plans and receive other employee benefits, you’d better read this. [...]
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Should Our Olympic Champs Be Taxed On Their Prize Money & Medals?

By Joaquin On August 23, 2016 · Add Comment
Should Our Olympic Champs Be Taxed On Their Prize Money & Medals? Article Highlights: Olympian Prize Money Gold Medals Aren’t Solid Gold Legislation to Exempt Prize Money and Medals from Taxation You may not realize this, but in addition to winning an Olympic medal, winners are compensated by the U.S. Olympic Committee with prize money: [...]
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Find Your Unclaimed Money

By Joaquin On August 23, 2016 · Add Comment
Find Your Unclaimed Money Each year literally billions of dollars go unclaimed from federal and state governments, financial institutions and companies no longer generating activity. These can include tax refunds, savings or checking accounts, stocks, uncashed dividends or payroll checks, traveler’s checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments [...]
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Back to School? Tax Breaks May Help to Pay the Cost!

By Joaquin On August 23, 2016 · Add Comment
Back to School? Tax Breaks May Help to Pay the Cost! Article Highlights: Education Credits American Opportunity Tax Credit Lifetime Learning Credit Qualified Expenses Qualified Educational Institutions 1098-T Now that summer is over, it is time for many young adults to head back to college or university, and it is time for their parents or [...]
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Taxation of Employee Stock Options

By Joaquin On August 9, 2016 · Add Comment
Taxation of Employee Stock Options Article Highlights: Employee Stock Options Stock Option Terminology Incentive Stock Options Non-qualified Stock Options Tax Strategies If you are an employee of a corporation, the company may offer you the option to purchase shares of the corporation at a fixed price at some future date so that you can benefit [...]
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Surprised by the Alternative Minimum Tax?

By Joaquin On August 9, 2016 · Add Comment
Surprised by the Alternative Minimum Tax? Article Highlights: How the AMT Is Determined Medical Deductions Deduction for Taxes Paid Home Mortgage Interest Miscellaneous Itemized Deductions Personal Exemptions Standard Deduction Incentive Stock Options Business Incentives When looking over your tax return, do you notice an amount on line 45? If an amount is entered there, it [...]
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  • D&J Accounting & Tax Services, Ltd. • 4950 N. Harlem Avenue • Harwood Heights, IL 60706 • T 773-237-7400 F 773-237-2822 mówimy po polsku
  • Home
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  • Services
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