Educating Business Owners about Tax Deductions.
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...
Sell your Home and Buy a Home to avoid Taxes
Hi there taxpayers One of the myths I often hear about is the misconception that Like Kind Exchanges apply when you sell your home and buy a new one within 180 days so no capital gains tax is due. This is completely untrue! There is IRS code 1031 does allow for the...
Focus on Making more Money and NOT on Spending Less
Good morning taxpayers and welcome to another Friday being MONEY DAY. It seems to me that life just keeps happening to us all. This week my husband was in agony with a sore tooth. After two dental appointments, we find he needs to have a tooth removed and an implant....
Podcasts are the new Google for Tax Advice
Today I wanted to write about the onslaught of calls I have been getting from clients who listen to a podcast that presents some amazing tax plans to avoid paying taxes. I always welcome ideas and discussions about tax and cash flow strategies, bring it on and let's...
Business Use of your Home continues to be a hot topic
Who, how and how much continue to be questions regarding deducting your Home Office. You will find a worksheet that will help with many of the details as a free download on my website at www.wendybarlin.com. Employees cannot deduct their home office period. The law...
Last Money Day in March
How did you do managing your money this week? I look back at how I spent my money this week and then what to expect for next week. Gas was more for sure. I filled my car and paid $78. That hurt! I had a plumbing issue at my house and that hurt too. So this weekend...