by Bill Houston | Dec 21, 2016 | Business Deductions
2 of the most valuable deductions for home businesses are the mileage deduction and the home office expense deduction. Both of these can be lost by not understanding one simple rule, and that is your home office must be used exclusively for your business. That means...
by Bill Houston | Dec 9, 2016 | General Tax Info
This time of year, we often get questions on the tax consequences of cash gifts to kids. We can illustrate how this works with a very simple example. Let’s say Bob is a single parent and wants to give his son $20,000 for Christmas this year. Bob is the one...
by Bill Houston | Dec 9, 2016 | General Tax Info
Congress eliminated an IRS penalty on small businesses that was devastating to those that incurred it. On their own volition, the IRS decreed that any small business that reimbursed their employees for health care premiums could face a $100 per day per employee, up...
by Bill Houston | Dec 5, 2016 | General Tax Info
We are sorry for any loss you have had. Having gone through the loss of parents recently, we understand what you are experiencing. This will seem hard but hopefully this overview will get you through the process. When any taxpayer dies, a final tax return should be...
by Bill Houston | Dec 1, 2016 | Business Deductions
We do tax returns for a lot of child care businesses and many are not aware of this strategy to increase their tax refund. The IRS rules regarding depreciation of personal property are very lenient, with the proper documentation. Many of our clients don’t...
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