The Tax Professionals Blog — tax deductions
Short-Term Rentals
Posted by Lee Reams Sr. on
Many taxpayers will rent their first or second homes using rental agents or online rental services that match property owners with prospective renters, such as Airbnb, VRBO and HomeAway. When a taxpayer rents property for a short period, special (and sometimes complex) taxation rules come into play, which can make the rents excludable from taxation; other situations may force the rental income and expenses to be reported on Schedule C (as opposed to Schedule E)Can the Teachers’ Classroom Supplies Deduction Exceed $250?
Posted by Lee Reams Sr. on
Congress, recognizing that most classroom teachers spend a significant amount of their own money on classroom supplies, granted them a special deduction of $250 (indexed for inflation after 2015) as an adjustment to gross income – referred to as an above-the-line deduction – rather than an itemized deduction.
Overlooked Health Insurance Deductions Strategies
Posted by Lee Reams Sr. on
Self-employed individuals may take above-the-line deductions (generally limited to the net earnings from self-employment) for the amount paid during the tax year for medical insurance for the individuals, their spouses, their dependents and their children under the age of 27.