Filing personal taxes in community property states as Married Filing Separately (MFS) can be complicated. Certain states have laws about community property defining how they expect MFS couples to share, or allocate income. These states are: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Separate… but Equal In separate property states, the computations
How Married Filing Separate Works in Texas Read More »
If you are considered an independent contractor, you will get a 1099-MISC form from the company you provided services for – so long as the payments were at least $600 for the prior year. For many independent contractors, this means filling out a Schedule C, which tallies up the income earned and any deductible expenses.
Did You Receive A 1099-MISC But Aren’t Self-Employed? Read More »
If you are an independent contractor or W-2 employee who uses your personal auto for business and you are NOT reimbursed by your employer (uncommon), you can deduct business mileage at the rate of 54 cents per mile on 2016 on your tax return. That’s right! If you use your vehicle for business purposes, you
IRS Business Mileage Deduction Requirements Read More »
The official tax season has passed, but the year is really just getting started. 2016 brings us so many activities to look forward to like the summer Olympics and the much-talked-about presidential election. Although the available candidates are dwindling down, the race for the White House is still heating up. Candidates are hitting the campaign
Presidential Campaign Contributions: Are They Tax Deductible? Read More »
Any day after April 15th is ideally a great time to begin prep for next year’s personal tax returns. Doing so will help you cut down on the work and time required to complete your taxes in 2017. Here are a few simple steps you can complete this year to make next year’s taxes process
Simple Ways to Prep for the Next Tax Season Read More »
