Year-End Small Business Tax Deductions

For all you small business owners, it is time to start gathering the paperwork so that you don’t miss any tax deductions for 2016.  Here are some of the most common deductions available: Home office – a great way to move some personal expenses under the...

How The Tax System Works

Even Einstein didn’t understand how taxes work.  He is famously quoted as saying “The hardest thing in the world to understand is the income tax”. So, in a nutshell, here is how it all works… Add taxable income from all sources to figure total...

Will I owe taxes when I sell my home?

Will I owe taxes when I sell my home?  This is a very common question and I am happy to say that most people don’t owe taxes upon sale of a personal residence. So, let’s review the rules. Individuals are allowed to exempt up to $250,000 of gain and married...

Tax Reform is probably real

With Trump as President and with a Republican House and Senate, there is likely going to be broad agreement on tax reform. Here is what appears to be likely, though proposals are somewhat fluid: The corporate tax rate will be lowered to as low as 15%.  If this...