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 30, 2012 | Accounting & Bookkeeping, Income Taxes, Tax Tip of The Week
We’ve been working so hard on tax returns these last few weeks that we’ve neglected our poor little blog. Just a reminder, if you haven’t brought in your tax information, you need to do it, and soon! The deadline this year is April 17th. We can only guarantee...
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 | Mar 1, 2012 | Current Affairs, Income Taxes, Tax Tip of The Week
One of my clients was recently selected by the IRS to have his tax return audited because he had a higher-than-average contribution deduction on his tax return. This is not me just making an assumption – this is what the IRS auditor told me. To be accurate, she said,...
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 | Feb 28, 2012 | Cost Cutting, Current Affairs, Income Taxes, Small Business Owners
How would you counsel a family with the following household budget? You would probably tell them that they are close to bankruptcy. You would also probably tell them that they have to cut spending. Not just by the pretend amount of recent cuts they have made, but with...
