Due to the opportunity for abusive transactions between related parties, the IRS generally does not allow a taxpayer to take a tax loss on a sale of property to a related party. The problem Suppose Carl has a vacation home on a lake. He invites … [Read more...]
Taxes: Rental of your residence or vacation home
The tax treatment of income and expenses related to renting your residence or vacation home varies, depending on how many days the property is used for rental purposes as opposed to personal purposes. A residence with personal and rental use … [Read more...]
Tax treatment of educational assistance benefits for employees
Benefits you provide to your employees must be included in their gross income – they have to pay tax on it – unless it’s specifically excluded from income by the Internal Revenue Code. A benefit which is excluded from income can be worth a lot more … [Read more...]
Tax Tips On Restaurant Tips
Restaurants can claim a credit for part of the social security and Medicare taxes they pay on their employees’ tips, and the IRS has ruled that certain tips aren’t really tips. Credit for employer payroll taxes Background Waiters, bartenders, … [Read more...]
Pennsylvania’s Research and Development Tax Credit
Businesses that incur expenses for research activities in Pennsylvania can receive credits which offset their business taxes, personal taxes of owners, or even be sold for cash. Who can apply Any taxpayer who conducts research and development … [Read more...]
Profit Improvement Case Stud
In previous posts we defined profit and the factors which affect it, and discussed ways to increase profit in general, how to improve your gross margin, and how to improve productivity. Today let's put it all together with a case … [Read more...]
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