Newsletter Article

Tax Opportunity for Renting out Your Vacation Home

If you own a vacation home that you and your family use personally, there is a unique tax window of opportunity for short-term rentals.  Generally, income that you receive for the rental of your vacation home must be reported on you federal income tax return.  However, if you rent out the property for only 14


IRS Offers Tips for Disaster Preparedness

IRS Special Edition Tax Tip 2017-08 In anticipation of the start of hurricane season, the IRS has released a number of tax tips, reminders and other advice to help taxpayers cope with natural disasters and similar emergencies. Although the IRS will often extend filing deadlines and generally offer emergency hot-line accessibility, the burden of substantiating


Facts and Figures

Timely Points of Particular Interest Luxury Car Limits—The deductions for vehicles used for business driving are limited by the so-called luxury car rules. The IRS, which indexes these limits annually, recently announced the maximum deductions allowed for vehicles placed in service in 2017. For passenger vehicles, the maximum deduction is $11,160, including 50% bonus depreciation.


Tap Your KOS Advisor’s Knowledge and Experience Throughout the Year

In addition to providing tax related services during filing season, the professionals at KOS are available throughout the year to offer assistance with tax planning and financial decision making.  Connecting regularly with your KOS Advisor can help you avoid tax and financial missteps, in addition to ensuring you are making the best decision at the


Seven Midyear Strategies for Individuals and Businesses

While the climate for tax reform remains uncertain, individual taxpayers and small-business owners are advised to act based on the current laws of the land, unless there is a definite change. Keeping that in mind, here are seven ideas to consider as we head into summer. 1. Harvest capital gains or losses. The maximum tax rate


What You Need to Know About Section 529 Plans

Answers to Several Common Questions How will you ever save enough money to pay for your children’s college educations? There are no absolute guarantees, but Section 529 plans may help you set aside funds, up to generous limits. Here are the answers to several common questions on this subject. Q. What exactly is a Section


IRS News – Audits & Other Tidbits of Interest

What’s going on at and with the IRS? Thought we would share the following items that run across our desk with you.   Brain drain is a big problem at the IRS as experienced tax examiners and managers continue to retire or go into the private sector and the agency has dwindling resources making it


Round Up of “Dirty Dozen” Tax Scams

IRS Updates its List for 2017 The IRS recently released its annual list of “Dirty Dozen” tax scams to watch out for in 2017. Here is a rundown gleaned from the IRS’ summary. 1. Phishing: Be on guard against fake e-mails or websites looking to steal personal information. Do not click on e-mails claiming to come


Tax Aspects of Refinancing a Home Mortgage

Jeffrey Arnol, KOS Managing Partner jarnol@koscpa.com When thinking about refinancing your home mortgage, it is important to understand the tax rules regarding the deductibility of the interest you will pay, the points you may pay and other fees incurred in connection with the refinancing. Interest that you pay on a home mortgage is deductible within


Be Sure About Estimated Tax Payments

How to avoid underpayment penalties Even though you just put your 2016 tax return to bed, you cannot rest easy. It is already time to pay attention to your tax liability for 2017. Significantly, you may be required to pay installments of “estimated tax” for this year, especially if you are self-employed or retired. The