Should I Prepay My Property Taxes?

Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions,

2021-04-12T14:55:52-06:00December 11th, 2018|

Vacation Home Rentals and Taxes

Vacation Home Rentals and Taxes Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses aren’t subject to

2021-04-12T14:55:55-06:00September 25th, 2018|

Taxes and Gambling Wins or Losses

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income You must report 100% of your gambling winnings as taxable income.

2021-04-12T14:55:55-06:00September 11th, 2018|
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