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Contact Us Today!Don't let an IRS Audit letter or notification cause you to lose sleep at night. TallyTaxMan can help find solutions for your tax problems.

Virtual Currency

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Long-awaited IRS guidance on the taxation of virtual currency is out. Preliminary rules from 2014 treat bitcoin and other cryptocurrencies as property for tax purposes. Taxpayers, Congress and tax professional groups have been urging the Service to update its rules, and IRS has now done just that. Among the tax topics addressed: Selling, trading and […]

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Social Security Update

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The Social Security wage base rises next year to $137,700, a $4,800 hike. The Social Security tax rate on employers and employees stays pat at 6.2%. Both will continue to pay the 1.45% Medicare tax on all compensation, with no cap. Individuals also pay the 0.9% Medicare surtax on wages and self-employment income over $200,000 […]

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Home Sales

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Tallahassee Tax Service TallyTaxMan

A reminder on calculating gain or loss from the sale of your primary home. You start with the amount of gross proceeds reported in box 2 of Form 1099-S and then subtract selling expenses such as commissions to arrive at amount realized. You then reduce that figure by your tax basis in the home to […]

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New Rules for Rental Properties Pt 3

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The safe harbor doesn’t apply to property leased under a triple net lease or personally used by the owner for the greater of 14 days or 10% of the days rented. Users of the safe harbor must meet strict recordkeeping requirements. Contemporaneous records must detail hours, dates and descriptions of the services, and who performed […]

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New Rules for Rental Properties Pt 2

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This analysis is somewhat unclear in the context of a realty rental activity, though the QBI regs point out some factors: Type of property (commercial or residential), extent of day-to-day involvement by the lessor or the lessor’s agent, lease terms, number of properties rented out and other ancillary services provided under the lease. Owners of […]

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