Investing in business assets is a traditional and powerful year-end tax planning strategy, and it might make even more sense in 2018 because of the TCJA enhancements to Sec. 179 expensing and bonus depreciation.
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case.
When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses.
If you convert a traditional IRA to a Roth and then discover you would have been better off if you hadn’t converted it, you can undo it.
One contract every construction business owner needs to sign that sometimes goes overlooked: a buy-sell agreement.
How should you document business expense deductions? Keep detailed, accurate records. Record details about expenses. Keep receipts, credit card slips, invoices.
Related party transactions can have an effect on the profit or loss and financial position of an entity.
Verification violations include missing documentation and income tax transcripts; untaxed income not verified; and, conflicting data unresolved.
If you suffer damage to your home/personal property, you may be able to deduct these “casualty” losses on your federal tax return. Here’s what you should know.
Two extended credits that can save businesses taxes on their 2015 returns: research and development credit (R&D) and Work Opportunity credit.
