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Sunday, September 1, 2013

Rest Easy: Know the Tax Implications of Renting Your Vacation Home

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If you're lucky enough to own a vacation home, or are thinking about investing in one, you should be aware of the tax implications associated with this type of property, particularly if you are planning to rent it at least some of the time. It is also important to note that the IRS definition of a vacation property encompasses not only houses, cottages, and condominiums, but also mobile homes, recreational vehicles, and boats. In addition, remember that you may be obligated to pay state and local taxes on the rental of your vacation property as well as federal taxes.

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When do you adjust the amount of prepaid expenses?

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The balance in the current asset account Prepaid Expenses should be adjusted prior to issuing a company's financial statements. If the company issues financial statements for each calendar month, you will need to adjust the balance in Prepaid Expenses as of the end of each month. If your company issues only quarterly financial statements, you […]

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A new investment tax is just around the bend - Times Union

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AICPA - Taxpayer Not Entitled to Innocent Spouse Relief

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Saturday, August 31, 2013

What is public accounting?

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Public accounting can be viewed as firms of accountants that serve clients such as businesses (retailers, manufacturers, service companies, etc.), individuals, nonprofits and governments. The services provided by public accounting firms will vary by the size and the expertise of the firm. Here are some of the public accounting services: - preparation, review, and auditing […]

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What is the IRS mileage rate for use of a car for business in 2013?

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The optional standard rate allowed by the Internal Revenue Service for the business use of a car in the year 2013 is 56.5 cents per mile. (This is 1 cent higher than the rate allowed in the year 2012.) In addition to the 56.5 cents per mile, you are also allowed to claim an expense [...]

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Real: IRS has tax lien on home -- now what? » Kitsap Sun Mobile

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