Providing their usual timely and efficient service, Congress has finally moved to extend several tax provisions which expired at the beginning of the year. H.R.5771 was passed by the House on December 3, 2014, and was just approved by the Senate on … [Read more...]
Small Businesses: Two Tax Issues for 2014
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...]
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 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...]
Losses on Sales to a Related Party
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...]
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