Waterfront Tax & Accounting Blog

If you are a freelancer or otherwise participate in the “gig economy”, you may be able to claim a new tax deduction under the Tax Cuts and Jobs Act (TCJA). The Qualified Business Income (QBI) Deduction applies to self-employment earnings (basically, any income you receive in a setting where you a...

For most personal or business expenses that you claim as deductions on your tax forms, the IRS requires that you preserve written documentation of each expense. Acceptable forms of written evidence include receipts, invoices, canceled checks, and credit card and bank account statements. These doc...

Historically, the IRS classified many computers and computer peripherals (such as printers) as “Listed Property.” If your business use of Listed Property is less than 50%, you are usually required to distribute the business portion of the property's cost over your tax returns for multiple years, ...

If you requested an extra six-month extension in April to file your 2018 personal income tax return, that deadline to file is coming up this week on Tuesday, October 15th. If you are an employer that makes contributions into employee Simplified Employee Pension IRA accounts, October 15th is also ...

If you or any of your dependents are enrolled in a higher education program this fall, you may qualify to claim one or more credits on your 2019 tax return. The American Opportunity Tax Credit (AOTC) is a credit of up to $2,500 for a student pursuing a degree or certified credential at a college ...

Several key tax credits end when a dependent child reaches a specified age. Here is a quick summary of the age rules for three of the most important tax credits for parents, as well as the most important exceptions: Child and Dependent Care Credit: Child must be under 13 years of age (12 years ol...

During this hectic back-to-school period when classroom expenses are most likely to occur, it is important to remember to save your receipts if you are educator. If you are a teacher, principal, counselor, or classroom aide who works at least 900 hours a year in a state-accredited school (grades ...

The following are upcoming tax deadlines due in September and October: September 16th is the deadline for the third quarter installment for individuals & corporations paying estimated taxes throughout the year.  September 16th is the deadline for Forms 1120S (S Corporations) & 1065 (Partnerships)...

Making sure that the correct amount of tax is being withheld from your paychecks is the best way to avoid an unpleasant IRS surprise next spring. Here's a simple way to do a September withholding checkup: Step 1) On your pay stub for the pay period ending August 31 or September 1, find your year-...

In addition to traditional income sources like employee wages and business profits, there are a number of other activities and transactions that the IRS classifies as potentially taxable. It is important to consider all of these “taxable events” when you prepare your returns. Some of the most com...