Vanguard Tax & Business Services, LLC

05/11/2022

John Paul DeJoria was relentless in his perseverance, going to every salon he could find to personally demonstrate the hair care products that he had developed. Learn more.

05/11/2022

Here is some midweek Wednesday Wisdom inspiration from your friends at Vanguard Tax & Business Services LLC

05/10/2022

Generally, tax records should be kept for 3 years from the due date of the return to which they apply. The statute of limitations can be longer if there is fraud, or a return was not filed. Add 2 years if your state statute is longer. Basis records for stock, property and other assets must be kept until the statute expires for the year of sale.

Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed.

05/09/2022

Scammers regularly pose as IRS agents in order to try to steal your money. Avoid becoming a victim of fraud by knowing how the IRS will actually reach out to taxpayers.

05/09/2022

Get ready for the week: Vanguard Tax & Business Services LLC has motivation for your Monday.

05/07/2022

End of week from Vanguard Tax & Business Services LLC

05/06/2022

Let's get the weekend started. Friday from Vanguard Tax & Business Services LLC

05/06/2022

More and more employers are offering 401(k) plans as an employee benefit, and if you have the option and are not currently taking advantage of it, it may be time to rethink your savings strategy. Learn more.

More and more employers are offering 401(k) plans as an employee benefit, and if you have the option and are not currently taking advantage of it, it may be time to rethink your savings strategy. Learn more

05/05/2022

Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to $12,950 in 2022, meaning your child can now make up to $12,950 from working without paying any income tax on their earnings.

05/04/2022

Tax-exempt organizations must file information returns electronically by May 16, 2022 or file an extension.

Even though organizations like charities and foundations may be tax-exempt, the IRS still requires them to file certain information every year. For many of these exempt organizations, the deadline to file their 2021 information return is Monday, May 16, 2022.

05/03/2022

If you have a second home in a resort area and are considering whether to offer it as a part-time rental, you will need to consider some complicated rules for vacation-home rentals. These rules depend upon whether the home is rented for 14 days or fewer, as well as on whether the personal use exceeds the greater of 15 days or 10% of the rental time. In addition, selling a vacation home can cause complications.

If you have a second home in a resort area, or if you have been considering acquiring a second home or vacation home, and with summer just around the corner, you may have questions about how rental income is taxed for a part-time vacation-home rental. The applicable rental rules include some interes...