One of the best and often overlooked tax deductions is the home office deduction. While this won’t reduce your IRS payment to zero, it can still provide a lot of added value, especially for those working from home or running a business out of their spare bedroom. Just make sure to use it correctly. Here are a few tips to...
Tags: home office
Category: Taxes
Staffing errors can spell disaster for your start-up. Here are three to watch out for. Staffing the firm with friends and family. While this strategy may work in some circumstances, hiring pals and relatives often spells trouble. For one thing, friends and family members often expect – even subconsciously – to be treated differently from other employees. A double standard,...
Tags: start up hiring
Category: Business
Out with the old, in with the new. No matter whether you apply the expression to changes in attitude or to life adjustments, the end of the year is a great time to assess your household finances and prepare for new opportunities. Here are suggestions. Review your credit report. Request a free copy of your credit report from each of...
Congress has made some changes to the due dates and extended due dates of certain returns. These include Forms 1099, 1120S and 1065 to name a few . Please contact the office for further information.
Suppose a relative gives you an expensive painting. Several years later, your relative dies and you decide to sell the painting. Your accountant says you’ll owe capital gain tax on the sale, and asks for your basis in order to reduce the amount on which you’ll pay tax. What’s your answer? When you sell property received as a gift, the...