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businesses | rental properties | gig economy | freelancers | Startups | individuals
BUSINESSES
- Business Entity Comparison Chart - The charts on this handout compare and contrast accounting and recordkeeping, fringe benefits, and liabilities of the various business entity types.
- Business Entity Pros & Cons - This handout gives a listing of pros and cons for the various types of business structures. It also provides examples of the types of businesses that are good fits for each entity type.
- Business Expenses Worksheet - This handout provides a simple worksheet for business owners to track expenses. It can be used as a ledger or as a summary for business owners to complete and provide to their tax preparer.
- Business Financing - Don't Intermingle Funds - This handout explains the problems that occur when business owners intermingle business funds with their personal funds. Court case summaries provide a warning to business owners as to the problems that can occur.
- Business Management Tips - This handout explores business procedures, plans, budgets, and other resources all designed to help businesses survive.
- Business Owners - Taking Money Out of a Business - This handout discusses the tax consequences of removing money from a business. The tax implications of wages, guaranteed payments, and dividends are explained.
- Buy-Sell Agreements - This handout explains how a buy-sell agreement works and the different ways to structure a buy-sell agreement.
- Corporation Meeting Requirements - This handout provides guidance on what to do to maintain corporate tax filing status. It lists the requirements of all corporations and provides an outline of how to comply with those requirements.
- Form 1099-MISC, Miscellaneous Income Reporting - This handout describes the filing requirements for Form 1099-MISC, Miscellaneous Income, including payments made to attorneys and penalties for failure to file correct returns or furnish correct payee statements.
- Limited Liability Companies (LLCs) - This handout explains how an LLC operates and how to form an LLC. Information is also provided on the classification of an LLC which will determine the proper tax filing for the LLC.
- Marketing Your Business - This handout provides some tips on marketing a business and promoting the products and services of the business.
- Record-keeping for Tax Purposes - This handout explains the type of records which should be kept and the retention period of those records. The information is beneficial for recordkeeping of individual tax records and also for recordkeeping of business tax records.
- S Corporations - This handout explains what a taxpayer needs to know about S corporations, including the business formalities and tax filing. It includes a comparison of the advantages and disadvantages of an S corporation.
RENTAL PROPERTY OWNERS/LANDLORDS & real estate professionals
- Real Estate Professionals - This handout details the requirements of individuals to qualify as a real estate professional. The handout also discusses the special rules for real estate activities.
- Record-keeping for Tax Purposes - This handout explains the type of records which should be kept and the retention period of those records. The information is beneficial for recordkeeping of individual tax records and also for recordkeeping of business tax records.
- Rental Income and Expense Worksheet - This worksheet provides a taxpayer with a means to track income and expenses for a rental property. The worksheet also provides a place to keep track of depreciation items.
- Rental Income and Expenses - This handout describes the various aspects of rental income and expenses. There is also an explanation of the difference between a repair and an improvement and the tax consequences of each.
- Repairs vs. Improvements - This handout provides information which will help determine whether a current business deduction can be taken for expenses incurred on business assets, or whether the expense must be capitalized and depreciated.
- Mileage and Expense Log - The log provides a worksheet for taxpayers to track mileage and expenses for tax deductibility of those miles and expenses. The log provides the entries needed to be compliant with IRS regulations.
GIG ECONOMY ENTREPRENEURS/freelancers (UBER/LYFT/AIRBNB, ETC.)/START-UP BUSINESSES
- Crowdfunding - This handout explores the different aspects of crowdfunding, from the project initiator to the backer/contributor.
- Starting a Business - This handout provides guidance on establishing a business and provides and outline for creating a business plan. It is also helpful in creating a personal financial statement.
- Marketing Your Business - This handout provides some tips on marketing a business and promoting the products and services of the business.
- Business Management Tips - This handout explores business procedures, plans, budgets, and other resources all designed to help businesses survive.
- Record-keeping for Tax Purposes - This handout explains the type of records which should be kept and the retention period of those records. The information is beneficial for recordkeeping of individual tax records and also for recordkeeping of business tax records.
- On-Demand Drivers - This handout contains information for on-demand drivers, such as Uber or Lyft drivers, on tax reporting of income and expenses. Included is guidance on additional expenses that may be tax deductible.
- Short-Term Rentals - This handout contains information for taxpayers who rent out their home, a room in their home or a vacation home. Included is guidance on tax-free rental use and when substantial services are provided.
INDIVIDUALS
- New Tax Law 2018 - This handout contains an overview of the new tax law that was signed into law on December 22, 2017.
- New Tax Law 2018 (SPANISH)
- Audits - This handout provides guidance for taxpayers who are undergoing an IRS audit. It includes an overview of how audits are conducted as well as a strategy for preparing for the audit.
- Capital Gains & Losses - This handout defines what assets are considered capital assets. It also discusses holding periods of assets, basis, and capital gain tax rates.
- Charitable Donations - This guide outlines the types of qualified charities which can receive tax deductible donations. It also discusses contributions of property including the donation of a vehicle.
- Consumer Credit - This handout gives individuals a quick checklist of how to protect themselves upon notification of identity theft. It also provides information on credit counseling and debt management plans.
- Divorce and Taxes - This handout defines the tax status of taxpayers who are separated or divorcing. It also provides information on property transfers, alimony, and child support.
- Education Tax Benefits - This handout discusses the education tax benefits. It also provides a comparison of the education credits and discusses the education savings plans.
- Estate Planning, Wills, Probate & Asset Transfers - This handout discusses the importance of having a will. Issues such as property passing at death and probate are also discussed.
- Estimated Taxes - This handout defines the requirement to pay taxes through withholding and/or estimated payments. It includes estimated tax payment due dates.
- Families With Children - This handout provides a listing of various tax credits available for families with children. The rules and limits for each credit are outlined.
- Foreign Bank & Financial Accounts - This handout provides tax filing guidance for taxpayers who have finanical assets in foreign countries. The information contains filing requirements and penalty information for failure to file.
- High Income Taxpayers - This handout provides a listing of deduction limitations for taxpayers who have higher taxable income.
- Newlywed Tax Tips - This handout outlines some of the steps taxpayers should take once they become married. It explains how to handle tax filing requirements as well as personal things such as notifying financial institutions.
- Savings For College - This handout discusses the various methods of saving for college. It includes information on contribution limits as well as tax benefits associated with each method of saving.
- Tax Scams - Protect Yourself - This handout contains information on types of tax scams including IRS impersonation scams. Included is guidance on how a taxpayer can protect himself or herself and specific actions to take
- Taxpayers Who Receive an IRS Notice - This handout explains how taxpayers should handle affairs once they have received a notice from the IRS. It also discusses how to avoid future notices and explains what rights the taxpayer has.
- What Should You Do If You Can't Pay Your Taxes? - This handout explains the options a taxpayer has when he or she cannot pay the taxes due by the due date. Information on requesting an installment agreement is provided.
