Sometimes things happen that result in income to you, but you don’t know if you have to pay taxes on it in some instances. Do I need to report it on my tax return or not? Here are a few of those items and how they should be treated for taxes.
The American Opportunity Tax Credit, or AOTC, is the best way you can recoup some of your investment in your family’s education. You can get up to $2500 in tax credits if you qualify.
Here are the qualifications: Read more
I often hear from clients that they had to buy special clothes – could be a business suit for interviewing, or nice pants/shirts/shoes, etc., that they only wear at work. They want to deduct these costs as business expenses; taking advantage of whatever clothing tax deduction that is allowable by the IRS. Most of the time, these deductions are not Read more
Last year at around this time I provided some tips on how to save money on your taxes after December 31st. This article is also about saving you money and quite possibly a bit of time.
Perhaps you have just received your 47-page tax organizer in the mail Read more
Many entrepreneurs and small businesses are not aware of the tax implications of gifts given to employees, customers and business associates or awards given to employees. There are some specific limits and rules around gifts and awards that you should understand. First, you can deduct gifts to customers, clients and business associates, but you are limited to $25 Read more
Company picnics, parties and other events can be tax deductible, provided you have good documentation and understanding of the rules for tax deductible expenses.
Companies throw parties for different reasons. Sometimes it is primarily as a morale booster for employees Read more
What meals are tax deductible business expenses? For most types of businesses and circumstances, the deduction is equal to half the cost when the purpose is clearly for business. Read more
There are a lot of misunderstandings about deducting your car or truck expenses for business, so it’s important to understand how you do this properly without taking too much or too little as a deduction on your tax return. To this set of frequently asked questions, here are six guidelines on taking mileage and depreciation that you Read more
If you haven’t filed yet, here are four reason for doing some tax planning before filing your 2013 taxes. For 2013’s taxes, there are new tax brackets, taxes, and phaseout limits that make tax planning even more important, as follows: Read more
If you are a procrastinator when it comes to tax planning, you are still in luck. Saving money on your taxes is not too difficult if you happen to have good accounting practices and you keep current with changes to the tax code. Read more
Comments or questions are welcome.