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Contains extensive coverage of the tax issues faced by all types of contractors, including large and small contractors, homebuilders, and other specialty trades, provides you with the clear, concise guidance you need to expertly address your tax issues.
"We all know the government taxes our income. Federal, state, and local taxes are withheld by employers, as are Social Security payments. But what about the many other ways the government covertly drains money from our wallets? Have you studied your cell phone bill? Customers in New York State pay an average of 24.36% in combined taxes on their wireless bills. They’re also charged for obscure services they didn’t ask for and don’t understand, like a universal service fund fee, an FCC compliance fee, a line service fee, and an emergency services fee. These aren’t taxes, strictly speaking. The government imposes these administrative and regulatory costs, and your wireless provider passes them along to you. What about your cable bill? Your power bill? Your trash bill? The cost of groceries, a gallon of gas, a cab ride, a hotel stay, and a movie ticket are all inflated by hidden fees. How much of what you pay at the grocery store, pump, airport, or the box office is really an indirect tax? In a series of short, pointed, fact-laden, humorous chapters, Kristin Tate exposes how up to half of your income is siphoned straight into federal, state, and city government coffers--and also where these hidden taxes and fees come from."--Dust jacket.
All 2.9 million Airbnb hosts in the United State can profit from this book. The first, and still only, one of its kind, it tells hosts everything they need to know about taxes for short-term rentals, including deductions they may take, depreciation, when short-term rentals are tax-free, repairs, and tax reporting for short-term rentals. The new edition covers all the latest tax changes brought about by the Coronavirus legislation passed by Congress. These include new tax breaks that can save hosts thousands in taxes: tax credits for sick leave and family leave for self-employed hosts, employee retention credit, and tax-free treatment of landlord PPP loans Many Airbnb hosts have lost money due to the Coronavirus pandemic. This book explain if, when, and how short-term rental hosts may deduct their losses from other nonrental income.
Employer's Tax Guide (Circular E) - The Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, and amended by the COVID-related Tax Relief Act of 2020, provides certain employers with tax credits that reimburse them for the cost of providing paid sick and family leave wages to their employees for leave related to COVID‐19. Qualified sick and family leave wages and the related credits for qualified sick and family leave wages are only reported on employment tax returns with respect to wages paid for leave taken in quarters beginning after March 31, 2020, and before April 1, 2021, unless extended by future legislation. If you paid qualified sick and family leave wages in 2021 for 2020 leave, you will claim the credit on your 2021 employment tax return. Under the FFCRA, certain employers with fewer than 500 employees provide paid sick and fam-ily leave to employees unable to work or telework. The FFCRA required such employers to provide leave to such employees after March 31, 2020, and before January 1, 2021. Publication 15 (For use in 2021)
This revised handbook provides a concise discussion of the limited liability company (LLC), the popular alternative business form for small- and medium-sized enterprises that strategically combines the pass-through tax advantages and operational flexibility of the partnership with the limited liability of the corporation. The Guide explains, in clear language, key information about the benefits available within the LLC format, and a synopsis of each state's LLC statute enables you to quickly identify relevant planning opportunities or potential pitfalls. Book jacket.
Voluntary land conservation, resulting from increasingly alluring tax benefits, has significantly changed the face of land use in the United States and promises to have an even more significant influence in the future. There are more than 1,500 land trusts in the U.S. today, involving millions of acres of land that have been permanently protected by conservation easements. Most of these land trusts depend heavily upon the significant income or estate tax benefits offered by the federal tax code as an incentive for voluntary land conservation. However, only a very small percentage of land trust personnel, landowners or their advisors, or even government officials, fully understand the complexity of the requirements for these tax benefits. This is a comprehensive book on the tax benefits of the charitable contribution, or bargain sale, of a conservation easement. It provides a detailed explanation of the complex and extensive requirements of the federal tax code and related concepts, including the rules governing the operation of tax-exempt organizations such as land trusts. Clearly written, systematic in its coverage, it is intended to be of value for anyone who deals with land trust issues, including land trust staff and trustees, landowners, lawyers, accountants, government officials, and interested lay people. Structured for easy reference, A Tax Guide to Conservation Easements is designed to be used as a resource tool. Related topics are cross-referenced throughout. All principles in the book are illustrated with one or more useful examples. The tax benefits of contributing a conservation easement are unquestionably the heart of voluntary land conservation today. Knowledge of the tax law relating to land trusts and conservation easements is vital to properly establishing and managing land trusts and to insuring the tax deductibility of conservation easements. The future of voluntary land conservation is dependent on a clear understanding of tax policy. Complete, meticulous, and up to date, A Tax Guide to Conservation Easements is an essential handbook.
Book Description: Guide to Start and Grow Your Successful Tax BusinessThe mission of this book is to provide valuable information and guidance to help the reader start, operate and grow a successful income tax preparation business. While managing hundreds of tax offices throughout the past four decades, author Chuck McCabe, has mentored numerous people who aspired to become independent tax business owners and empowered them to achieve success in this rewarding profession. The book includes the following chapters1.Learning Tax Preparation & Obtaining Credentials2.Developing a Business Plan3.Risk Management4.Getting Started as a Tax Business Owner5.Establishing Your Tax Office6.Tax Office Operating Systems7.Buying a Tax Practice8.Marketing Planning9.Pricing Your Services10.Mass Media Advertising 11.Digital Marketing12.Your Website13.Social Media Marketing14.Neighborhood Marketing15.Client Retention Strategies16.Recruiting & Training Tax Preparers17.Employee Pre-work Training18.Motivating & Retaining Employees19.Continuing Education (CE)20.Diversification for Year-round Revenue21.IRS Circular 230, Due Diligence22.Peer Support & Tax Professional Associations23.Helping Your Client Deal with the IRSAccounting Today has recognized the author for multiple years in their ¿Top 100 Most Influential People in Accounting.¿ Their foundation for this recognition is: ¿As a veteran in the tax preparation industry, McCabe had the vision to offer support to other tax business owners who opt to remain independent by providing them with tax education and business skills so they can be successful on their own.¿ In addition, to facilitate peer support, in 2009, Chuck founded the LinkedIn group, Tax Business Owners of America, that now has nearly 9,000 membersChuck McCabe and his team at The Income Tax School (ITS) are committed to serve and support independent tax business owners. The ITS website www.TheIncomeTaxSchool.com, provides valuable resources, many at no charge, to support tax business entrepreneurs. This book will enable small business entrepreneurs to adopt proven best practices comparable to those used by the national tax firms. - Their goal is to ensure the success of independent tax business owners.
Maximize your tax deductions. Rental real estate provides more tax benefits than almost any other investment. Whether you own a ten-unit rental apartment building or rent a room in your home through Airbnb, you need to know about all the valuable deductions you are entitled to take as a landlord. Every Landlord’s Tax Deduction Guide is the only book that focuses exclusively on IRS rules and deductions for landlords. With this book, you will learn about: depreciation, casualty and theft losses, start-up expenses, and other common landlord deductions IRS rules on deducting repairs and improvements vacation home tax rules proper record keeping and accounting—and much more. The book also covers landlord tax classifications, reporting rental income, hiring workers, and deducting rental losses. Filled with practical advice and real-world examples, Every Landlord’s Tax Deduction Guide will save you money by making sure you owe less to the IRS at tax time. The 13th edition is updated and revised to cover tax rules for Airbnb-type rentals.