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What to Expect at Tax Time if You Rent Out Your Vacation Home

Renting out a vacation property to others can be profitable. If you do this, you  must normally report the rental income on your tax return. You may not have to report the rent, however, if the rental period is short and you also use the property as your home. Here are some tips that you should know:

Five Tips for Starting a Business

Understanding your tax obligation is one key to business success. When you start a business, you need to know about income taxes, payroll taxes and much more. Here are five IRS tax tips that can help you get your business off to a good start:

Resources on IRS.gov and Social Media Help Employers and Coverage Providers Understand ACA

 

Whether you are a business owner, tax manager, employee benefits manager or health coverage providers, the IRS knows that you want to understand how the health care law may affect your organization. When questions come up, IRS.gov/aca is a great place for you to begin finding the answers you need – when you need them.   At IRS.gov/aca, you’ll find frequently asked questions, legal guidance, and links to other useful sites. You can also access valuable information about specific topics, including rules and responsibilities for employers, as well as tax provisions for insurers, tax-exempt organizations and other businesses.

Resources for Employers and Coverage Providers

You can use social media tools to find information about the health care law. 

Find Easy-to-Use Online Tools on IRS.gov

If you need tax help, the IRS has many online tools. You can e-file your tax return, check your refund status or get your tax questions answered.  Best of all, you can use the tools on IRS.gov any time. Here’s a list of popular online, self-help tools that millions have used for free:

How Identity Theft Can Affect Your Taxes

Tax-related identity theft normally occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Many people first find out about it when they do their taxes.

The IRS is working hard to stop identity theft with a strategy of prevention, detection and victim assistance. Here are nine key points:

Tax Professionals: Monitor Your PTIN for Suspicious Activity

Tax preparers can help protect clients and their businesses from identity theft by checking their PTIN Accounts to ensure the number of returns filed using their identification number matches IRS records.

Criminals are increasingly targeting tax professionals, not only to steal client data but also to steal the professionals’ data such as PTINs, EFINs or e-Service passwords. The IRS has teamed up with state tax agencies and the tax industry for a “Protect Your Clients; Protect Yourself” campaign to help increase awareness among tax professionals.

The IRS offers many preparers the ability to monitor “Returns Filed Per PTIN.” This information is available in the online PTIN system for tax return preparers who meet both of the following criteria. You must have:

Five Tax Tips about Hobbies that Earn Income

Millions of people enjoy hobbies. Hobbies can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on your tax return. How you report the income from hobbies is different from how you report income from a business. There are special rules and limits for deductions you can claim for a hobby. Here are five basic tax tips you should know if you get income from your hobby: