Month: May 2017

Archive for May 2017

Renting Out a Vacation Home

Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year, but also use the home yourself. There is, however, one provision that is not complicated. Homeowners who rent out their property for 14 or fewer days a year can pocket the…

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What to Do If You Haven't Filed a Tax Return

Tuesday, April 18, 2017, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2016 tax return yet, don’t delay. There’s still time–and it’s not as difficult as you think. Here’s What to Do When Your Return is Late First, gather any and all information related to income…

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Tax Rules for Children with Investment Income

Children who receive investment income are subject to special tax rules that affect how parents must report a child’s investment income. Some parents can include their child’s investment income on their tax return, while other children may have to file their own tax return. If a child cannot file his or her own tax return…

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Top Ten Facts about Adoption Tax Benefits

If you adopt a child in 2017, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten things you should know about adoption tax benefits. Credit or Exclusion. The credit is non-refundable.…

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Employee Relocation: What Happens to Your Home?

Business owners, as well as employees, often have questions about what to do with an employee’s home–and what the tax consequences might be–when he or she is moved to a new job location. Here are some answers. Employees Most employers want to protect the employee to be relocated against financial loss on a “forced” sale…

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Tax Implications of Retiring Overseas

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Here’s what you need to know. Taxes on Worldwide Income Leaving…

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