Vernoia, Enterline + Brewer, CPA LLC

Archive for the ‘Bookkeeping’ Category

Handle With Care: Mutual Funds and Taxes

Many people overlook taxes when planning their mutual fund investments. But you’ve got to handle these valuable assets with care. Here are some tips to consider. (more…)

Child and Dependent Care Tax Credit

Reduce Certain Summertime Costs with the Child and Dependent Care Tax Credit

Many parents send their children to summer day camps while they work or look for work. The IRS urges those who do to save their paperwork for the Child and Dependent Care Tax Credit. Eligible taxpayers may be able claim it on their taxes in 2018 if they paid for day camp or for someone to care for a child, dependent or spouse during 2017. (more…)

Employee or Independent Contractor – Know the Rules

The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor. (more…)

Hobby or Business – IRS Offers Tips to Decide

Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing — no matter what a person’s passion, the Internal Revenue Service offers some tips on hobbies. (more…)

Debt Cancellation May be Taxable

If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. (more…)

Medical and Dental Expenses May Impact Your Taxes

Medical expenses may trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are some tips to help you know what qualifies as dental and medical expenses.

medical_care (more…)

How do I? Opt-in to the new partnership audit rules

The IRS has issued temporary regulations (T.D. 9780) that explain how a partnership can opt in to the new partnership audit regime that was enacted in the Bipartisan Budget Act of 2015 (BBA). As enacted, the new audit rules will apply to partnership returns filed for tax years beginning after December 31, 2017. However, the new law allows partnerships to elect to apply the new audit regime to a return filed for a partnership tax year beginning after November 2, 2015 (the date of enactment of the BBA) and before January 1, 2018. A tax year within this period is identified as an “eligible tax year.” (more…)