Buying a second home is an exciting venture for many families. You may use your second home for vacation purposes, to be closer to relatives, as an investment opportunity, or to receive rental income. Whatever your situation may be, taxes on renting your property (even as an Airbnb) can be tricky.
To stay in the clear when it […]
Missouri Governor Eric Greitens signed 77 pieces of legislation into effect on his last day in office. Among these pieces was a bill on Missouri’s corporate tax rate, meaning changes for Missouri business accounting. The tax rate for corporate companies will decrease from 6.25% to 4.0% beginning in the year 2020.
Besides the decrease, this legislation also:
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As your Springfield Missouri CPA we have compiled new changes in the way charitable deductions are processed. The following information may pertain to you as a charitable contributor.
The IRS has issued new procedural guidance regarding charitable deductions and reliance on exempt status. This guidance simultaneously combines four existing procedural rulings and updates them for recent […]
Selling Your Business Tax Implications And Business Valuation
Selling your business is a complex venture, and many business owners are not aware of the potential tax consequences.
If you’re thinking about selling your business, the first step is to consult a your trusted certified public accountant. You will need to make sure your financials in order, obtain […]
Qualified Opportunity Zones Designated
The Treasury and the IRS have designated Qualified Opportunity Zones in 15 states and three territories. Private investments in these specific Qualified Opportunity Zones get preferential tax treatment under the Tax Cuts and Jobs Act of 2017.
The Qualified Opportunity Zones program encourages long-term investment and job creation in low-income areas of the […]
Computing Your Estimated Taxes
Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, and rent, as well as gains from the sale of assets, prizes and awards. You may even have to pay estimated tax if the amount of income tax […]
Virtual Currency Transactions Are Reportable
The IRS reminds taxpayers that income from virtual currency transactions is reportable on their returns and that these transactions are taxable just like those involving any other type of property.
Virtual currency is a digital representation of value that functions in the same manner as traditional currency. Because transactions in virtual currencies […]
Department of Revenue Launches Missouri Tax Return Status Tracker
Personal income taxpayers can now sign up for the Missouri Tax Return Inquiry System to receive automatic text and email alerts from the Missouri Department of Revenue each time the status of their state tax return is updated.
To enroll for alerts, taxpayers are required to provide their […]
Health Insurance Marketplace Statements Impact On Tax Returns
The IRS has reported that taxpayers who receive corrected 2017 Forms 1095-A (also known as the Health Insurance Marketplace Statement) may need to file an amended return, if they have already filed. The IRS highlighted some corrections that may require an amended return. The IRS also instructed taxpayers […]
Best Practices For Individual Mandate Obamacare Compliance
Some people assume that because the Tax Cuts and Jobs Act removed the individual mandate for Obamacare compliance that taxpayers no longer need to worry about reporting coverage without facing a penalty.
The Tax Cuts and Jobs Act effectively repealed the individual shared responsibility requirement by making any payment due $0. However, this change doesn’t […]