Tax Warrior Chronicles

Renting a room? That Income is Taxable. However...

Posted on Fri, Oct 11, 2019

Suppose you are someone who lives near a college town or resort area and have extra rooms to spare in your home. You think to yourself, why not rent out one of the rooms since you aren’t using the space and make some extra money? Well, you could. But, since you are receiving rental income now, taxing authorities also want their share.

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529 Plans Expand in New Tax Law

Posted on Tue, Apr 03, 2018

By: Eric R. Elmore

 

Rising college tuition and related costs show no sign of slowing down. A tool designed to help you manage these costs is the tax-free 529 plan. However, with the signing of the new tax law last year, families can now use 529 plans to cover more than just college tuition.

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Prepaying Property Taxes? Make Sure This One Condition is Met!

Posted on Thu, Dec 28, 2017

As taxpayers line up to prepay 2018 property taxes in 2017 to get the deduction, the IRS released an advisory with a conditional twist.  We’ve posted the IRS advisory, which contains examples, for you to read and share.

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2017 Tax Reform: What Trump and Congress Are Now Considering

Posted on Tue, Aug 15, 2017

By: Eric R. Elmore

 

Earlier this year, a brief memo was released by the White House titled, “The Biggest Individual and Business Tax Cut in American History.” It had little detail and left many wondering about the possibility of tax reform this year.   Now, Reuters reports President Donald Trump and congressional Republicans are tackling tax reform to be unveiled as soon as next month. Tax staffers are meeting in the House of Representatives and the Senate through the August break to work on legislation. Here are some areas that are likely to be addressed.

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New Simplified Safe Harbor Tax Deduction Option for Home Office Users

Posted on Tue, Jan 14, 2014

Last January, The Tax Warriors® alerted our readers to a new home office deduction option offered by the IRS.  The basic idea of this new option is if you are someone who struggles with accounting for every receipt and expenditure, and thus may have holes in your overall home-office expense recordkeeping; the new “safe harbor” option may be an easier option for you.

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