Do you rent a spare room in your house or provide car rides for a fee? If so, you may be a part of the sharing or "gig" economy. If you made any income from such platforms, you have some key financial details to address when filing your taxes.

Is the income taxable?

Yes. No matter whether you made money full or part time, the IRS taxes the income you make.

Can you take deductions?

Some business-expenses deductions may apply for taxpayers who qualify. A deduction for a business expense could be an item, such as claiming the standard mileage rate if you use your car for business.

Do taxes apply if you rent a home you also live in?

You will generally have to account for specific tax rules if you rent a home that you live in at any point throughout the year. You can identify the status of taxable rental income using the IRS tax assistant tool.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Back in the 1970s, the great Lee Trevino introduced the sand wedge putt. Today, this unorthodox shot can rescue you from a pesky greenside lie.

When your ball is backed up against the fringe, or in some thick grass just off the edge of a slick putting surface, you may want or need to putt rather than chip, but you may also be worried about flubbing a putt. So, putt the ball onto the green using the thick leading edge of a sand wedge. This will give the ball a burst of initial topspin, more so than a typical putter, and the thick flange of the sand wedge has less chance of getting caught up in long grass or an outer cut of fringe.  

Does your yard have plants that thrive in acidic soil? Take your old, used coffee grounds, and mix them into the soil to give it a healthy boost. In fact, you can create a blend of up to 50% soil and 50% coffee grounds to help nourish plants that love acidic soil.

Before you go dumping your used coffee filters into your garden, note that "acidic" is the keyword. Types of plants that thrive in acidic soil and would love a coffee ground snack include azaleas, gardenias, blueberry bushes, dogwood trees, holly bushes, and roses. Other plants that require a more basic soil composition will die off with this mixture.

Share the Wealth of Knowledge!

Please share this market update with family, friends, or colleagues. If you would like us to add them to our list, simply click on the "Forward email" link below. We love being introduced!

Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

Diversification does not guarantee profit nor is it guaranteed to protect assets.

International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors.

The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general.

The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the NASDAQ. The DJIA was invented by Charles Dow back in 1896.

The Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of stocks of technology companies and growth companies.

The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the performance in major international equity markets as represented by 21 major MSCI indices from Europe, Australia, and Southeast Asia.

The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.

Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.

Past performance does not guarantee future results.

You cannot invest directly in an index.

Consult your financial professional before making any investment decision.

Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.

These are the views of Platinum Advisor Strategies, LLC, and not necessarily those of the named representative,

Broker dealer or Investment Advisor and should not be construed as investment advice. Neither the named representative nor the named Broker dealer or Investment Advisor gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your financial professional for further information.

Summit Financial Group
Summit Financial Group of Indiana
4050 Britt Farm Dr
Suite C
Lafayette, IN 47905
866-582-5721
jon@summit-fp.com
http://www.summitfinancialgroupofindiana.com