by | Nov 14, 2017 | Accounting & Bookkeeping, Income Taxes, Personal financial planning
Every year a large percentage of people get tax returns. Some get a lot and some just get a little, but what you choose to do with your return may have a big impact over time. Different individuals have different plans for the return, including going on a shopping...
by | Nov 13, 2017 | Accounting & Bookkeeping, Books, Income Taxes, Small Business Owners
If you have a home business or a home office, it can be difficult to know just what you can claim as a business expense and what you can’t. There are some common expenses that self-employed people working from home often miss claiming because they aren’t aware of the...
by | Oct 27, 2017 | Income Taxes
Generally, the cost of commuting between a taxpayer’s home and work location is a nondeductible expense. A recent tax court memo (TC Memo. 2013-240) said this is true no matter how long the drive is. In that case, an engineer drove more than 150 miles a...
by | Oct 18, 2017 | Current Affairs, Income Taxes
Every year I hear this question from people who just missed the tax deadline. I joke that these are the people who believe that deadlines are only recommendations that really don’t apply to them. Unfortunately, that is not how the IRS looks at it! Here...
by | Oct 12, 2017 | Accounting & Bookkeeping, Cost Cutting, Income Taxes, Small Business Owners, Surviving an IRS Audit Series, Tax Tip of The Week
Taxpayers must be prepared to substantiate auto deductions with adequate records or sufficient evidence. Failure to do so will cost you thousands of dollars in increased taxes and/or fees to accountants or tax lawyers if you are audited. Taxpayers should be able to...
by | Aug 25, 2017 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Tax Tip of The Week
A couple who used their vehicles in their sole proprietorships found this out the hard way. Their logbooks were riddled with mistakes, questionable entries and other irregularities – so much so that the Tax Court was unable to rely on them. As a result, the...
