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Tax News

They say that giving is its own reward, and for your taxes, that's literally true. The IRS offers substantial deductions for charity, and especially for charity-related travel expenses. We here at Polston feel a strong connection with the generous folks who give to charity, and this week, we wanted to give a little bit back ourselves. Here's all the steps you need to take to ensure you can deduct charity-related travel expenses when you file. 

As 2016 comes to a close, tax season is rapidly approaching. In order to ensure a smooth and easy filing process, it’s never too early to start preparing for your tax returns. Careful preparation now can mean avoiding delays in receiving your tax refund later. 

Whether it's a house, apartment, mobile home, or whatever, owning a vacation home is a wonderful thing. It's the perfect getaway, and can double as a great source of income should you decide to rent it out. Of course, any money you make from a vacation home is taxable, and at Polston want to make sure your perfect getaway doesn't turn into the perfect headache. So here are a few things to consider, tax-wise, if you rent out your vacation home. 

Here at Polston, we accommodate our vast tax expertise to any situation our clients might face. Today's blog post is for any of our clients that don't have a Social Security Number, and instead have an ITIN. ITIN stands for Individual Taxpayer Identification Number, and is used by the IRS to identify taxpayers who are obligated to pay taxes but do not have, and cannot legally obtain, a SSN. If you're an ITIN holder and you need to file a tax return in 2017, you may need to renew your ITIN.

Entrepreneurs know that starting a business can be an exceedingly rewarding experience. But as with any big change, you may have a number of questions as you prepare for launch – taxes not the least of your concerns. Understanding your tax obligations as a business owner – including income taxes, payroll taxes and more – is a major key toward success. Fortunately, we’re here to lend a helping hand. For starters, here are five main tax tips for starting a business. 

Hobbies such as knitting, woodworking, or jewelry making are not only enjoyable but can often be lucrative, as well. Many people earn side income from hobbies or side projects, and it’s important to report that income on your tax return. The way you report this “hobby” income, however, is different from the way in which you report income from a business, with many special rules and limits for deductions you can claim for a hobby. For those of you who earn income from hobbies, here are five basic tips to put you on the right track: 

Rod Polston and Rachel Pappy were both selected as Super Lawyers for this year. This is the second year in a row that Pappy has won “Rising Star.” Rising Stars must be under 40 or have practiced law for less than ten years. Only 2.5 percent are awarded this distinction. 

The Super Lawyer award is only given to five percent of practicing attorneys each year. 

Congratulations to Polston and Pappy!

Natural disasters can affect anybody at any time. One way you can lessen the effects of natural disasters is to be well-prepared. The IRS has offered several tips to prepare for the worst that mother nature has to offer, and assures that in the event of an emergency, they are available to help handle disaster-related issues. 

With the holidays just around the corner, the year’s end is officially upon us. That means there is no better time to meet with your tax preparer. Conducting a year-end review will allow you to get a jump start on your 2015 taxes, go over any changes in your finances, and give you and your preparer plenty of time to get your tax return in shape. You can even schedule multiple meetings if your return is more complex. Plus, as April approaches, your CPA’s time will be in high demand; the earlier you contact them, the more individual attention they’ll be able to offer you. 

The IRS announced in late September that it plans to begin private collection of certain overdue federal tax debts next spring and four contractors have been selected to help implement the program. Authorized by a federal law enacted by Congress last December, this new program will enable these contractors to collect outstanding inactive receivables on the government’s behalf. Here’s a quick look at how these changes may affect you, the taxpayer.  

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