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Starting Your Own NonProfit?

January 23, 2017 by Darlene Grace

Be sure to do this: Incorporate, or otherwise organize your group, according to the laws of your State. Obtain a Federal employer identification number. Apply for Federal tax exempt status. Register your organization as a charity according to the laws of your State. Understand your ongoing Federal and State recordkeeping and reporting obligations. Understand the Federal requirements for […]

Filed Under: Charitable Organizations Tagged With: Darlene Grace CPA, Entity Formation, Nonprofit, Section 501(c)(3), Zola Grace CPAs

Business Gifts – IRS Limits You Should Know About

January 17, 2017 by Darlene Grace

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, […]

Filed Under: Tax Tips Tagged With: Business Gifts, Darlene Grace CPA, IRS Audit, Tax Tips, Zola Grace CPAs

Is A 1031 Like Kind Exchange Right For You?

January 9, 2017 by Michael Zola

Under section 1031 of the Internal Revenue Code capital gains tax can be deferred if the property is exchanged for like kind property.  These types of transactions are typically referred to as 1031 exchanges. These types of transactions have several restrictions and the sales transaction must follow an established protocol set forth in the IRS […]

Filed Under: Tax Tagged With: 1031 Exchange, Capital Gains Tax, Like Kind Exchange, Sale of Business Property

Travel Expenses – Can You Deduct Yours?

January 6, 2017 by Darlene Grace

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 […]

Filed Under: Tax Tips Tagged With: Darlene Grace CPA, IRS Audit, Tax Tips, Travel Expenses, Zola Grace CPAs

Taking a Tax Deduction for Your Auto? Read this…

December 15, 2016 by Darlene Grace

Taking a Tax Deduction for Your Auto?  Read this…

Sure, you’ve been writing off your auto expenses for years, but how well do you think your records would  stand up in the event of an IRS audit? Lack of adequate documentation can result in the disallowance of your deduction should the IRS take a  look-see. Here are the three most important things you should […]

Filed Under: Tax Tips Tagged With: auto expenses, Darlene Grace CPA, IRS Audit, Tax Tips, Zola Grace CPAs

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