Small business owners face tax threats and opportunities in many areas. Here are two to consider: depreciation and fixed asset purchases, and health reimbursement accounts (HRAs). Section 179 deduction In December many small business owners who had … [Read more...]
Filing Requirements for Tax-Exempt Organizations
Just because you’re a tax-exempt organization doesn't mean that you don’t have to file a tax return. But, the IRS does try to make compliance easy for smaller organizations. Who needs to file When most people think of tax-exempt organizations, … [Read more...]
Tax Deductions: Avoiding the IRS Hobby Loss Restrictions
Do you have a job or own a primary business, but also have another business activity on the side? If the side business generates losses, you might not be able to use those losses against other income if the IRS determines that the side business is … [Read more...]
Tax Tips #1 – Donate Appreciated Stock to Charity
There’s a chill in the air (depending on your latitude) and the leaves are turning color. Naturally, your thoughts turn to next April’s taxes. No? Unfortunately, yes, it’s time to start thinking about your 2014 tax bill. Some strategies can be … [Read more...]
Tax deductions: Lodging when NOT traveling away from home
We noted in our post on deductible travel expenses that hotel bills and costs of lodging incurred by an employee are generally only excludible from the employee’s income if the stay is away from the tax home of the employee. The employee’s tax home … [Read more...]
Truck and SUV Depreciation for 2014
As we approach the end of the year (where did summer go?) many small businesses consider making expenditures for fixed assets. While business needs should be the first factor considered, the availability of tax deductions is also … [Read more...]
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