Dino Tax Co Blog

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What’s a Net Operating Loss (NOL), and What Does It Do?

So you’ve had a rough year—revenues down, expenses up, and your tax return shows more losses than profits. Don’t despair. The tax code actually gives you a silver lining in the form of a Net Operating Loss (NOL). What Is a Net Operating Loss? A Net Operating Loss occurs when your allowable business deductions exceed [...]

You Got a Roommate, But You Own the Place? How It Affects Your Taxes

If you own your home and decide to rent out a room or part of it to a roommate, you’ve officially entered the world of “partial home rentals.” While this can be a smart way to offset mortgage or utility costs, it also introduces new tax considerations under IRS Publication 527, Residential Rental Property. Here’s [...]

Converting Your Main Home Into a Rental Property: How the IRS Treats It

Turning your primary residence into a rental can be a smart way to generate income, build wealth, or bridge a move to a new home. But the moment your home becomes a rental, it also becomes a different animal in the eyes of the IRS. Understanding how this conversion affects your taxes can help you [...]

The Deductibility of Residential Rental Property Losses

When you own residential rental property, the goal is typically to generate income. However, it’s not uncommon for landlords—especially in the early years of ownership or during vacancy periods—to experience losses. The question then arises: Can you deduct these rental property losses on your tax return? The answer depends on several IRS rules that distinguish [...]

Understanding Tax Depreciation for Your Rental Property

If you own a rental property, tax depreciation can be one of the most valuable deductions available to you. It allows you to recover the cost of your investment over time — even though your property might be appreciating in the real world. Understanding how it works can mean thousands of dollars in tax savings [...]

The Biggest First-Year Tax Mistakes Independent Contractors Make — Don’t Get Caught in This Trap

Becoming an independent contractor feels liberating — no boss, no time clock, and freedom to work your own way. But that same freedom also comes with one of the biggest financial pitfalls new contractors face: not understanding how their taxes actually work. Many first-year contractors are blindsided by how much they owe, when they owe [...]

Dining Deductions: What’s Tax Deductible When You Eat Out?

Running a business often means taking clients to lunch, grabbing dinner after a long meeting, or eating on the road between job sites. The IRS recognizes that not all meals are personal indulgences — some are legitimate business expenses. But when are meals deductible, and how much? Publication 463, Travel, Gift, and Car Expenses, gives [...]

Deducting Travel Expenses from Your Taxes: What Counts and What Doesn’t

For many business owners and professionals, travel is part of doing business—whether it’s visiting clients, attending conferences, or checking on job sites. Fortunately, many of those travel costs can be tax-deductible if you meet certain IRS requirements. Understanding what qualifies (and what doesn’t) can help you avoid costly mistakes at tax time. 1. What Qualifies [...]

Understanding Taxable Transactions: Knowing When You’ve Triggered a Tax Event

When it comes to taxes, knowledge is power—and timing is everything. Many taxpayers, both individuals and business owners, fail to realize that certain transactions automatically trigger taxable events, even when no cash changes hands. Understanding when and how a transaction becomes taxable can help you plan smarter, avoid penalties, and prevent surprises come tax season. [...]

Understanding Form W-2: What It Is, Who Gets One, and What Those Boxes Mean

Every January, millions of American workers receive a familiar envelope labeled “Important Tax Document Enclosed.” Inside is Form W-2, Wage and Tax Statement, one of the most critical documents in the U.S. tax system. Whether you’re a seasoned professional or just starting your first job, understanding your W-2 is essential to filing your taxes accurately. [...]

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