1099s are for Landlords too!
Under the new tax law, small business owners can get up to a 20% deduction on their net business income. The great news is that this also includes landlords with rental properties! But, the catch is that you have to treat your rental like it’s a business. You need to have a separate bank account, keep separate records for your rental, and you need to issue 1099s from your rental property. 1099s are required to be issued to any non-corporate entity (or attorney) that you pay $600 or more in the year for rent or for services by cash or by check. Make sure that you get a W-9 from your vendors so that you can properly complete the 1099 in January! As always, please give our office a call if you have further questions. If you are not a client, we can setup an initial one hour consultation to see how we can help!
The IRS issued a notice on Monday, January 29, 2018, to provide more guidance on the withholding rules that resulted from the recent legislation known as the Tax Cuts and Jobs Act. As part of that new legislation, the IRS issued new withholding tables with a promise of a new Form W-4. The IRS has been in the process of revising Form W-4, but now feel that the new version may not be finished until after February 15, 2018. 
It’s that time again – Tax Filing Season! 
The IRS has issued new income tax withholding tables for 2018 due to major changes in the new tax law. Everyone should take a look at your withholding to make sure you’re deducting the correct amount of taxes under the new legislation. 
As we all sit back in our easy chair to enjoy the summer Olympics, Uncle Sam is getting ready to rake in the taxes. That’s right, each Olympian is awarded a cash payout in addition to the medal. Well, the Internal Revenue Service treats all the winnings the same way they do our paychecks, by taxing it as income. The cash is considered “earned income abroad” equal to $25,000 for gold, $15,000 for silver and $10,000 for bronze plus the value of the medal itself. 
