by | May 23, 2012 | Client Question of the Week, Current Affairs, Income Taxes, Personal financial planning
Every year I hear this question many times from taxpayers who are behind on their taxes. It’s understandable; the IRS has scared them, and they are looking for a quick and easy way out. The problem is that many of these tax problem resolution companies have been found...
by | Apr 27, 2012 | Accounting & Bookkeeping, Client Question of the Week, Income Taxes
Answer: Not exactly. If you use your own car, you may deduct actual gas expenses plus related tolls and parking fees attributable to charity-related travel. Instead of keeping detailed records, you may choose the IRS-approved flat rate deduction of 14 cents per mile...
by | Mar 10, 2012 | Client Question of the Week, Income Taxes
If they’re 18 or younger, yes. Once your child marries, you can no longer claim them, even if you’re supporting them. It’s when they get older that it gets tricky. In order to claim your child who is over 18, they must be a full-time student for 5 months or more and...
by | Feb 29, 2012 | Accounting & Bookkeeping, Client Question of the Week, Income Taxes, Small Business Owners
Question: A florist called our office this week asking if she can deduct the cost of flowers that didn’t sell by Valentine's Day. I also get this question often from restaurant owners. Answer: Since flowers and food have a short shelf life, it is very rarely held...
by | Oct 31, 2011 | Accounting & Bookkeeping, Client Question of the Week, Current Affairs, Income Taxes, Tax Tip of The Week
Answer: Normally, no. But if your spouse is still working, you will qualify for a “spousal IRA”. If you are both over 50, you can deduct up to $6,000 each for a total of $12,000 (assuming one of you earned at least that much during the year). You have until your tax...
by | Oct 5, 2011 | Accounting & Bookkeeping, Books, Client Question of the Week, Income Taxes
Question: How long am I required to keep my tax records? Answer: “Audit-proofing” your return means having the proper documentation to prove a deduction if you are audited. We have written in the past about what documentation is required (see our ‘Surviving an IRS...
