Waterfront Tax & Accounting Blog

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Services for Real Estate Pros - Lisa D Church CPA, EA, MBA, NTPI Fellow
RECENT BLOG POSTS
Firms such as Airbnb have made bedroom rentals more common than just a few years ago. Depending on the length of the rentals and the people to whom you rent, the tax code treats your bedroom rental as one of the following: 1) A tax-free activity. 2) A bedroom rental that you report on Schedule C ...
08/25/2019
Here’s good news for business meals: The Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals. The net effect of this change is to subject business meals once again to the pre-1963 “ordinary and necessary” business expense rules. You are...
08/19/2019
If you derive income from any activity where you are not an employee, from occasional dog sitting to playing guitar for tips at your local coffee shop, then the IRS requires you to classify the activity as either a hobby or a business on your tax returns. Importantly, this decision must be based ...
08/14/2019
The IRS states that federal taxes must be paid on a "pay as you go" basis, not just at the end of the tax year. This means that if you receive significant income that is not subject to withholding, it is likely necessary for you to make estimated tax payments throughout the year. In addition to t...
08/03/2019
If you use your car, van or truck for business purposes, you may be able to claim a vehicle expense deduction on your tax return. You may either use the standard mileage rate or report the actual expenses associated with business uses of the vehicle. Actual expenses include gas, repairs, insuranc...
07/28/2019
The IRS began a program in 2015 where they may assign certain cases of overdue tax debts to private debt collectors. If this happens to you the IRS will give you (and your tax representative) written notice that your account is being transferred to the private collection agencies.  Watch out for ...
07/20/2019
The Tax Cuts and Jobs Act (TCJA) created a new 20% federal tax deduction for many self-employed taxpayers and small business owners (i.e., not wage earners but those with business income). This is called the Qualified Business Income (QBI) deduction which applies to income derived from “pass-thro...
07/14/2019
If you have student loans, you may be able to deduct up to $2,500 per year in loan interest on your federal tax forms. You do NOT have to itemize deductions to claim it. This deduction is instead classified as an adjustment to your gross income,  For any loan on which you paid $600 or more in int...
07/07/2019
If you purchased alternative energy equipment for your home in 2018 or 2019, you may be eligible for a tax credit up to 30% of the cost of materials and installation. The equipment that qualifies for the “residential renewable energy tax credit” includes: Solar panels (photovoltaics) Solar-powere...
06/27/2019
If you are making quarterly estimated tax payments to the IRS, the due date for the April 1 - May 31 quarter of the year is June 15th. However, because the due date this year falls on a Saturday the payment will be considered on time if you make it on the next day that's not a Saturday, Sunday, o...
06/16/2019
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Lisa Church

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