Educating Business Owners about Tax Deductions.
Offer your team benefits – what do they really want?
On Fridays I review my financial information for the week, the good, the bad and the ugly. One of the expense items I notice is that I am offering a 401k pension plan to my team but very few are choosing to use it. Hmnn, what would my team prefer? So next week we will...
Be an Advocate for your Health and your Money
Yesterday both my mom and I went for our annual checkups to our dermatologist. I left the appointment quite pleased with the doctor and the discussion we had about sunscreen and marketing. My mom left the meeting frustrated because the doctor had recommended she stop...
Money Day Advice – Don’t touch your Tax Savings account
Taxpayers, I love Money Day! This is the day of then week when I "touch" my money. Today is Money Day. This has been a tough money week with many unforeseen expenses like exploding items and broken iphones and a side swiped car. Wow. It happens. Rather than bury my...
Rent or Buy in 2022?
As interest rates rise and home prices remain at all time highs across the country, many clients are reaching out with the question - "Should we buy now or rent?" Surveys show that most people still want to buy a home. The National Association of Realtors in 2021...
What else can I deduct?
Perhaps its easier to answer that question by talking about what you absolutely CANNOT deduct. The one that always shocks and horrifies clients is clothing. I know, its seems counter intuitive but that is tax law. Just because you are a limo driver and wear a suit or...
If you missed it, come next week for round #2
Hi Taxpayers Yesterday I taught a zoom class on Tax Planning - The Who, The Why and The How. If you missed it, don't worry, I will be teaching the same class again next week. Sign up at www.wendybarlin.com. I am always amazed as I open up the chat for questions, how...
Renting out a room in your home?
One of the most popular ways to make extra cash is to rent out your home or a room in your home. We lovingly refer to this new "business" as the Sharing Economy. AirBnB is probaly the most commonly used and popular online platform for home rentals. The bad news - this...
Your tax refund is on its way
The IRS confirmed on its website today that for 2021 tax returns electronically filed, nine out of 10 refunds are being issued in less than 21 days. As of the week ending April 1, the IRS has sent out more than 63 million refunds worth over $204 billion. The average...
What is taxable rental income?
I think we are all clear and understand that if you rent out property, the income you receive is taxable. What about the Security Deposit? Well the security deposit is NOT included inrental income when received if you intend to return the deposit to the tenant at the...
Dont forget to file your FBAR with the IRS this April – the WHAT?
US taxpayers, please dont forget that your annual Report of Foreign Bank and Financial Accounts (FBAR) is due April 15! File an FBAR if you have: Financial interest in, signature authority or other authority over one or more accounts, such as a bank account, brokerage...