Making your business more valuable.
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]