Innocent spouse relief

Spouses who file joint federal tax returns are both generally liable for the tax owed. But joint filers may be eligible for innocent spouse relief. In one case, the U.S. Tax Court ruled that a wife wasn’t entitled to relief from tax liability with her husband. She didn’t prove that she was unaware of tax […]

Pick the right accounting method for your business

Timely, accurate financial information is essential to running a successful business. There are a number of accounting methods you can use to record and track your business’s financial performance. Here’s an overview of cash, tax and accrual basis accounting to help you choose a method that’s appropriate for your situation. Cash basis Often startups and […]

What is deductible?

Taxpayers can deduct all “ordinary and necessary expenses” paid in carrying on a trade or business. But they must prove that they’re entitled to the deductions claimed. In one case, the U.S. Tax Court ruled a married couple wasn’t entitled to deduct various business expenses for which they offered no valid or insufficient substantiation. For […]

Would Americans Make Charitable Donations without Tax Incentives?

Would Americans Make Charitable Donations without Tax Incentives? https://bit.ly/3hQJK6j

Why your company needs an expense reimbursement policy

A holiday greeting

Merry Christmas

Joy and blessings, from our family to yours, this Christmas and every day.Merry Christmas!

A reminder about donations

Taxes in Everything: Die Hard Edition

Taxes in Everything: Die Hard Edition https://bit.ly/3Vrb3Sp

Fraud Alert!

It’s holiday time, but not everyone is sharing goodwill. Thieves are hoping to catch people off guard and a favorite target is senior citizens. Next month, the 2023 cost-of-living adjustment (COLA) rolls out automatically to Social Security (SS) recipients. But thieves have been using phone calls, texts and email to contact seniors, impersonating government agents. […]