Abbott House’s Post

If you are like me and love college sports and need CPE, check out this webinar about the potential tax implications of NIL coming up later this month.

Prize Winnings - are they taxable? Generally no. What do I mean by "generally", we need to look at if there was a connection to "income producing activities" or "financial Institutions". From the ATO: You must declare certain prizes and awards you receive in your tax return. This includes the value of any prizes or benefits you receive from a prize draw or lottery run by your: Bank, Building society, Credit union or Investment body. Prizes may include cash, low-interest or interest-free loans, holidays or cars. However, you don't need to declare prizes won in ordinary lotteries such as lotto draws and raffles. If you win prizes as a game show contestant, you only declare prizes you win if you receive regular appearance fees or game-show winnings. We won a prize (I was so surprised that it took a quite few days to sink in) where we won a JetSki from eBeer holding a Facebook competition. https://lnkd.in/gV9m7Q6x As there is no connection to my income producing activities or from a financial institution there is no tax implications for us. We just get to enjoy!

According to the Canada Revenue Agency, during the 2023 tax-filing season approximately 18.4 million Canadians received tax refunds, with a total value of $41.7 billion. Tomorrow, March 7th at 1pm - Join Herp Lamba, Senior Vice President, Head of Business Development and Craig McIntyre, Director Tax & Estate Planning, Advanced Financial Planning in their WEBINAR as they discuss tax advice that could help optimize your income tax return with Revenue Canada. This session will cover: ·        Tax refunds, and why it’s BETTER not to receive one ·        The differences between a tax deduction and tax credit ·        How to reduce your income tax deductions at source ·        What should you do with the extra dollars in your monthly income   There will also be a virtual Q&A at the end of the discussion. Interested? Click the link to register for the free webinar: https://lnkd.in/gZUi85Va #taxplanningstrategies #protectwhatmatters #estateplanning #peaceofmind

Competition #free residential property tax depreciation report. For Australian tax payers only. Enter via the link below. What is the benefit? If you are a #propertyinvestor or 'bricks and mortar business owner', you will need a tax depreciation schedule to write-off substantial taxes (often in the hundreds of thousands) and improve your yearly income tax returns.

Fore! 🏌️ Networking on the golf course? 🏌️♂️ Those branded balls could be a tax win! But is it deductible? HMRC has rules. More info in our blog: https://bit.ly/3Q53mSg #taxtips #golf #golfgifts #businessexpenses

It's that time of year when Cupid's arrows are in full flight, kindling romance and affection in the air. Yet, amidst these tender moments, there lurks a less welcome guest at the feast of love – the IRS, with its new arsenal of aggressive collection strategies. Fear not, for I, Carlos Samaniego, your trusted IRS Tax Fighter, am stepping into the arena to arm you with the knowledge and tactics you need to protect yourself and your clients from these unforeseen challenges. I'm thrilled to invite you to an exclusive event: "Cupid Meets IRS," graciously hosted by the East Valley Association of Realtors. This isn't just a seminar; it's a battlefield strategy session for those ready to become champions in the face of tax adversity. See details below: Expect to Uncover:The latest developments in IRS tidal wave of collections and what they mean for you. Proven strategies to safeguard your clients and yourself against the looming tax battles. An open forum with me to address your most pressing tax concerns. This session is designed not just to inform but to empower. In the spirit of St. Valentine, let us band together to defend what matters most – our clients, our practice, and our peace of mind. Secure your spot now and prepare to transform the narrative from one of tax terror to a tale of triumph. I look forward to standing shoulder-to-shoulder with you in this crucial endeavor. Bring your questions, concerns, and an appetite for victory. Together, we'll turn the tide against tax turmoil and write a new chapter of resilience and success. https://lnkd.in/girMTHa7

Tax Tip of the Week!✏️ If you rent out your primary residence for 14 days or less during the year, that rental income is generally tax-free. This can be useful for events like major local sporting events or festivals. Contact us today to learn more! #taxtip #taxfreerentalincome #taxseason

Are you planning to make money reselling event tickets via an online platform? You should know that a new law requires those sites to report the data of all sellers making more than $600 and the income will be considered taxable. Learn about the new rules:  #IRS #tickets

Has the commercial auction market finally turned? COMMENT Commentators in every capital market are teasing us, and each other, with the challenge of saying when it will be “the right time” to buy into their markets. If you have worked in our market for as long as I have, more than 25 years, you get to appreciate that timing is a very individual thing. Put frankly, most buyers are simply deal driven. Does this deal, in this sector at this price work for me with the cash that I have in my portfolio? There is always activity in the commercial auction market – we sell on average 55 assets per month, and have raised £390m this year to date. With such an array of lots sold, we are in the privileged position of knowing, with total certainty, which lots were the most popular at auction. https://lnkd.in/e3Xxb-WF

While social media can be a great source for tips and networking, it’s important to approach tax advice with caution and skepticism.  Here are some essential do's and don'ts to help you manage the advice you encounter online and ensure that it benefits your tax situation. Always cross-reference information with official resources or talk to a professional. Share this post and save it for later! #TaxAdvice #SocialMedia #QuickbooksAccountant #QuickbooksBookkeeper #QuickbooksProAdvisor #XeroAccountant #XeroBookkeeper #XeroAdvisor #concerttickets #sportstickets #soldout #ticketsforsale #buytickets #eventtickets #ticketexchange #secondarymarket #facevaluetickets #premiumtickets #eventplanner #itspecialist #marketingagency #painter #plumber #generalcontractor #construction #Lakewoodbookkeeper #Lakewoodaccountant #Coloradobookkeeper #Coloradoaccountant #ACloudAboveAccounting