Blog Post

Tax Rules for Rental Properties and Vacation Homes

Learn the key tax rules for rental properties and vacation homes, including income reporting, deductible expenses, vacation home use limits, passive activity loss rules, and best practices for client recordkeeping.

Medicare Premium Planning: How MAGI Impacts Your Clients’ Costs

As your tax clients approach age 65, their income history can impact Medicare premiums. Learn how proactive planning and understanding IRMAA can help minimize future surcharges and manage healthcare costs.

Summer Jobs and Taxes: Helping Teens Navigate IRS Rules

Discover what teens and their families need to know about summer jobs and taxes. This guide explains IRS rules for teen workers, including income thresholds, tax withholding, filing requirements, and tips to avoid surprises at tax time.

How to Reduce or Avoid Estimated Tax Penalties

Learn how to calculate, reduce, or avoid IRS estimated tax penalties using Form 2210. This article explains the regular and annualized income installment methods and highlights key exceptions and abatement opportunities.

What’s Up with Self-Employment Tax, NIIT, and the Additional §1401 Tax?

There has been a greater focus on self-employment tax in recent years than in past years. There is ongoing litigation on what limited partner means under Section 1402(a)(13), added in 1977. This special rule provides that net earnings from self-employment do not include the distributive share of any item of income or loss of a limited partner, except for guaranteed payments for services rendered to or on behalf of the partnership.

Understanding Tax Extensions: A Guide for Tax Professionals

Filing tax extensions can reduce stress, improve accuracy, and support better tax planning for your clients. Discover key filing tips, benefits, and communication strategies to streamline the process.