Gambling Log

This handout highlights the tax reporting requirement for taxpayers who have gambling winnings. It also includes a worksheet to track gambling activity.

Individual Income TaxClare FazackerleyOctober 3, 2018Tax, Gambling, Gambling Winnings, Gambling Losses, Losses, Deductions, Worksheet, Gambling Activity

Health Savings Accounts (HSAs)

This handout discusses the provisions of Health Savings Accounts (HSAs). The rules and limitations are explained.

2017, Individual Income TaxClare FazackerleyOctober 1, 2018Tax, HSAs, Health savings accounts, Healthcare, Health expenses, Health insurance

High-Income Taxpayers

This handout provides a listing of deduction limitations for taxpayers who have higher taxable income.

Individual Income TaxClare FazackerleySeptember 30, 2018Tax, High Income, High Taxable Income, Deductions, Exemptions, Capital gains, Capital Gain Tax Rates, Retirement Credits, IRA Contributions, Medicare, Education

Hobby vs. Business

This handout explains the deduction limitation for activities that are considered a hobby. The handout lists the factors that may determine whether an activity is a hobby or a business.

Individual Income TaxClare FazackerleySeptember 29, 2018Tax, Hobby, Hobby Deduction, Hobby Income and Expenses, Profit, Business Loss, Crafts, Etsy

Household Employees

This handout identifies who is considered a household employee. It also discusses the tax reporting requirements of employers who employ household workers.

Individual Income TaxClare FazackerleySeptember 28, 2018Tax, Household Employees, Household Workers, Household Staff, Home Help, Employers, Nanny, Driver, Housekeeper, Maid

Identity Theft and Your Taxes

Taxpayers who are victims of identity theft may find that the thieves have filed a fraudulent income tax return. This handout provides guidance on the steps the taxpayer should take to file their return as well as specific things to do to prevent future problems.

Individual Income Tax, Planning & Life IssuesClare FazackerleySeptember 26, 2018Tax, Identity Theft, Identity Fraud, ID Theft, Fraudulent Tax Return, Identity Scam, Identity Protection

Itemized Deductions - Casualty and Theft Losses

This handout identifies which losses are deductible and which gains are taxable in federally-declared disaster areas.

Individual Income TaxClare FazackerleySeptember 25, 2018Tax, Deductions, Losses, Casualties, Theft, Deductible Losses, Natural Disasters, Disaster Areas, Tornado, Flood, Hurricane, Fire, Insurance, Disaster Relief

Itemized Deductions - Homeowners

This handout identifies expenses for homeowners which are deductible as itemized deductions. It also includes a chart for home mortgage debt limits.

Individual Income Tax, Planning & Life IssuesClare FazackerleySeptember 24, 2018Tax, Deductions, Itemized Deductions, Home Mortgage, Homeowners, Home Improvements, Buying a Home, Home Equity Loan, Mortgage Interest

Itemized Deductions - Interest Paid

This handout identifies deductible interest expense that is claimed on Schedule A (Form 1040) as an itemized deduction.

Individual Income TaxClare FazackerleySeptember 23, 2018Tax, Deductions, Itemized Deductions, Interest, Deductible Interest, Schedule A, Mortgage Interest, Deby, Home Equity, Reverse Mortgages, Investment Interest, Homeowners, Investment

Itemized Deductions - Medical Expenses

This handout discusses which medical expenses are deductible and who can deduct those expenses. It also highlights the deductible expenses for long-term care and nursing home costs.

Individual Income TaxClare FazackerleySeptember 22, 2018Tax, Deductions, Itemized Deductions, Medical Expenses, Medical Costs, Medical Debt, Out-of-pocket Expenses, Prescription Medication, Long-Term Care, Nursing Home, Elder Care

Itemized Deductions - Taxes Paid

This handout discusses which taxes paid are deductible as well as any limitations on the deductibility of those taxes.

Individual Income TaxClare FazackerleySeptember 21, 2018Tax, Deductions, Taxes Paid, State and Local Taxes, Income Taxes, Sales Tax, Property Tax, Real Estate Taxes, Real Estate, SALT, SALT Deduction

Kiddie Tax

This handout discusses the tax treatment of a child’s unearned (investment) income.

Individual Income TaxClare FazackerleySeptember 20, 2018Tax, Taxes Paid, Kiddie Tax, Investment Income, Child Investment Income, Unearned Income, Children, Grandchildren

Moving Expenses

This handout provides information on the deductibility of moving expenses for active duty servicemembers of the Armed Forces.

Individual Income TaxClare FazackerleySeptember 19, 2018Tax, Military, Armed Forces, Military Spouses, Deductions, Moving Expenses, Foreign Moves, Reimbursement, Change of Station

Multi-State Taxation

This handout provides guidance to taxpayers who have state income tax liabilities to more than one state. It also provides state tax information for taxpayers associated with the military.

Individual Income TaxClare FazackerleySeptember 19, 2018Tax, Multi-State Taxation, Tax Liability Across States, Multiple States, Military, Armed Forces, Military Spouses

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.

Individual Income TaxClare FazackerleySeptember 18, 2018Tax, Uber, Lyft, On-demand driving, Ride sharing, Gig work, Gig income

Recordkeeping 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.

Business, Individual Income TaxClare FazackerleySeptember 17, 2018Business, Business Tax, Record Retention, Audit, Receipts, Expenses

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.

Business, Individual Income TaxClare FazackerleySeptember 17, 2018Business, Business Tax, Expenses, Receipts, Renting, Landlord, Rental Property

Sale of a Principal Residence

This handout discusses the requirements to exclude gain on the sale of a principal residence. It also discusses the reduced maximum exclusion that is available for certain taxpayers.

Individual Income TaxClare FazackerleySeptember 17, 2018Tax, Homeowners, Selling a Principal Residence, Home Sale, Taxable Gain, Home Ownership, Reduced Maximum Exclusion, Selling a Home

Saving for Retirement

This handout highlights the various types of retirement accounts along with the contribution limits and rules. The handout also includes information on qualifying for the Retirement Savings Contribution Credit.

Planning & Life Issues, Individual Income TaxClare FazackerleySeptember 17, 2018Planning, Retirement, Retirement Planning, Retirement Income, Tax Credits, Retirement Tax Credit

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.

Individual Income TaxClare FazackerleySeptember 17, 2018Tax, Short-term rentals, Airbnb, Vacation rentals

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