Cryptocurrencies have gone mainstream. But using cryptocurrencies has federal income tax implications that may surprise you.

Do you have a household employee such as a nanny, a caregiver for an elderly relative who moved in with you during the pandemic, or a live-in housekeeper?

Tax reporting rules that will make it almost impossible for independent contractors and other businesses to hide their income from the IRS by receiving electronic payments.

You can use any reasonable method to determine the value of land and buildings for depreciation purposes. Assessed values are commonly used, but the IRS can’t require that they be used if you have something better.

To qualify for bonus depreciation (or Section 179 expensing), the SUV must escape the luxury vehicle depreciation limits on deductions.

You know the expression “Don’t let the camel’s nose get under the tent”? It applies here.

Suppose your business hires a member of a targeted group. In that case, you can claim the potentially lucrative federal Work Opportunity Tax Credit (WOTC) for some of the wages paid to the individual.

With one exception, rentals go on Schedule E. To get on Schedule C, your rental must be short term and come with substantial services.

This article gives you, in plain English, the rules of the road on bedroom rentals. You will learn what to do, what not to do, and how to get the best possible after-tax cash result.

Do you own a rental property for which the average rental period is seven days or less for the year? Such properties can include condominiums, cottages, cabins, lake or beach homes, ski lodges, and similar properties.If the period of average rental is seven days or less, you have a vacation hotel of one sort or the other, as uniquely defined by the tax code.