Spring has sprung and brought with it anniversaries, graduations, weddings, spring birthdays and seasonal holidays, all of which require a gift of sorts, and often times these gifts are monetary. When you make a substantial gift to anyone of cash or property, the IRS takes notice. But the good news is, gifts are excluded from...
If you have had any medical expenses this year, there may be some relief for you! A deduction exists for medical expenses, and it is often one that taxpayers forget about. Although you will need to itemize on Schedule A to take advantage of this deduction, medical expenses exceeding 7.5% of your AGI (adjusted gross...
If you are a partner or shareholder of a firm, you may know that you have to fill out a tax document to report your income, losses, capital gains, dividends, and more for the tax year. This document is the Schedule K-1, and it allows a partner’s earnings to be taxed at an individual rate...
Self-employed folks have expenses they incur yearly in order to do business, so it is important for them to review what can be deducted each year to make their business as profitable as possible. Expenses like a home office, car, health insurance, and even startup costs can get you a big tax break. Did you...
Sure taxes are a cost of doing business, BUT if you are smart and savvy, you will not only save on taxes but also be able to grow your business with the profit you keep in your pocket. Pro-active tax planning along with efficient operations and market leadership will ensure a smooth path on the...
