Ever thought about renting your home for holiday travelers or summer vacationers? Or maybe during a music festival or race? There are tax implications that come with this type of real estate. Before you take the plunge, read this informative article by Mike D’Avolio, CPA, J.D. for the Journal of Accountancy.
Recently there has been a rash of phone scams concerning taxes. Many people have paid money over the phone, believing that they would be in trouble with the US government if they did not. As a certified public accountant, I wanted to make sure you understand that the IRS will always send you a letter first. They do not make cold calls demanding money. Please read this article to better inform yourself about the scams currently in play, and remember that the IRS will not call you, they will send a bill.