Tax Planning

Tax Tips for Uber or Lyft Drivers

As an Uber or Lyft driver, you are an independent contractor and treated differently under the IRS code. With this comes new rules when it comes to your taxes. Understanding the tax code can help you minimize your tax liability. Watch the video below for more details or call our office for help.

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Facing That Huge Gain from Selling Real Estate?

Are you thinking about selling real estate property? Are you liberal minded about selling your real-estate or more conservative? There are a number of issues that could impact the taxes that you might owe. Here are steps you can take to minimize the gain, defer the gain, or spread the gain over a number of years. Whichever you chose, you can win from the sale of your real estate, IF you handle it correctly.

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Alternative Minimum Tax

When looking over your tax return, do you notice an amount on line 45? That amount is because you are subject to the alternative minimum tax. The Alternative Minimum Tax or AMT is an income tax that does not allow some of the tax preferences and deductions that regular tax computation allows. Basically, a punitive tax. When an AMT computation results in a higher tax, the higher tax applies. The additional tax from the Alternative Minimum Tax is added on line 45 of your return.

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Are Olympic Champs Taxed?

Have you been following the Olympic Games? It is amazing the skill these athletes have. And, kudos to Michael Phelps for breaking a 2000 year old plus record! If you haven’t heard, the record that Michael Phelps broke is 2,168 years old to be exact. Think of him as breaking records from all the way back to 152BC.

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Employment Lawsuit Won?

So you won an employment lawsuit. What does that mean for your tax return come April? How do the tax laws relate to the tax on money settlements and damage awards? Employment legal actions are complex and can sometimes seem unfair. The following factors help to determine the actual taxation of the award:

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Itemized Deductions, Should I Itemize My Tax Deductions?

Itemized deductions, what are the income limitations? Who qualifies for the standard deduction? Who is not allowed to use the standard deduction? How do I phase-out itemized deductions? All these questions may be running through your … Read More