If you're a golf enthusiast, you've likely heard of the Masters golf tournament, which takes place annually in Augusta, Georgia. During the tournament, many residents of Augusta rent out their homes to visitors as a way to earn extra income. But did you know that the IRS has specific rules about renting out your home?
Understanding rental expenses is crucial for landlords. These expenses can be deducted from your rental income and include costs like insurance, taxes, maintenance, and interest.
If you're a small business owner, you may have heard about the Employee Retention Credit (ERC), but you may need clarification on what it is, who is eligible, and how to calculate it. Here is more information:
If you're a landlord, it's important to understand Schedule E income. It's a form that you need to fill out to report your rental income or loss, royalties, and other types of income or loss related to partnerships, S corporations, estates, trusts, and real estate mortgage investments.