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How Can Rentals Impact your Taxes?

How Can Rentals Impact your Taxes?

Under the Californian sun, there are many units that are rented out during the summer. As we shift into the later summer months, those that have been renting are unlikely swimming in cash right now. But, owners that are renting should also be conscious about how these actions can impact their tax returns next April. The IRS has advised owners to plan for tax season when renting out their residential or vacation property.

Tips and your Taxes

Tips and your Taxes

Summer is a popular time for tips – specifically cash tips. From ice cream parlors, to bars, to outdoor restaurants, many that work in the industry survive on the tips they receive from customers. However, it can be easy to lose track of these tips when it comes time to file your taxes in April. How do tips impact your taxes? 

Don’t Wait Until Spring To Get Your Taxes In Order

Don’t Wait Until Spring To Get Your Taxes In Order

One of the easiest traps to fall into with your taxes is procrastination. Many people wait until tax season to get their taxes in order, at which point it is too late. You may miss deductions, incorrectly file your returns, or stumble upon an unpleasant surprise because you’re rushed at the deadline. There are a few things you can do during the year to help make filing easier next April.

Are Your Workers Employees Or Independent Contractors?

Are Your Workers Employees Or Independent Contractors?

As a business owner, one of the most important factors when filing your taxes is whether your workers are classified as employees or independent contractors. Why? As an employer, you must withhold income taxes on wages paid to an employee, in addition to paying Social Security, Medicare, and unemployment taxes. However, you typically will not have to withhold or pay any taxes on wages paid to an independent contractor. How can you determine how to classify your workers?