Now that both houses have approved the Tax Cuts and Jobs Act, it is certain 2018 will be the year of reform. Most of the details of the plan are set and we can now plan to do things before the end of 2017 that will create tax savings. There is no time to waste […]
Tax Tips
TAXES AND THE REAL ESTATE PROFESSIONAL
Starting a new business can present the proprietors with challenges that they are simply not prepared for. Tax compliance is often one of them. What is often times the biggest yearly expense of a business is often not planned for. For some reason certain professions are slower than others when it comes to […]
How to Save Money on Tax Preparation Fees
Imagine what it might be like if every single one of your customers, clients or associates needed something really important from you, and they all needed it at exactly the same time. This is a challenge that your accountant faces every April. Here are some things you can do that will help your accountant and keep your fees […]
Are Commuting Expenses Deductible?
For employees, the cost of daily transportation to and from work can add up. Whether you drive your own car or take a bus, train or ferry to your regular place of employment, chances are you’ve wondered whether or not your commuting expenses were tax deductible. Here’s what the IRS says: No matter how far your home is from […]
Business Gifts – IRS Limits You Should Know About
If you give gifts to your clients, customers or associates in the course of your trade or business, you may be wondering if these gifts are tax deductible. The good news is that yes, they are. However, the IRS imposes serious limits on how much you can deduct. Under current rules, which have not been updated since 1962, […]
Travel Expenses – Can You Deduct Yours?
Travel is one of the most commonly misunderstood tax deductions amongst business owners and the self-employed. A basic understanding of what travel means in IRS-speak can help you to avoid disallowance of your deduction, should your tax return ever be examined. Here are the three most important things you should know: 1. There is an important distinction […]