CERTIFIED PUBLIC ACCOUNTANT
IRS audits are stressful and unpleasant events that all people want to avoid. However, most people shred their records and breathe a sigh of relief when the three year statute of limitations on audits passes. However, many people don’t realize that there are a few things that leave you wide... Continue reading →
According to Sec. 274(c), taxpayers who wish to report certain expenses must also provide specific detailed information. Even in cases in which the court believes an expense is legitimate, the taxpayer must provide adequate substantiation of the expenditure. There are four classes of expenses to which this all-or-nothing rule applies:... Continue reading →
Most taxpayers have heard of capital gains and losses. However, average taxpayers often do not fully understand how the concept of gains and losses applies to virtually all of their investment tools. Generally everything a taxpayer owns and uses for personal or investment purposes is considered a capital asset. The... Continue reading →
The Achieving a Better Life Experience (ABLE) Act of 2014 was approved by Congress to encourage disabled individuals to save money to pay for their disability-related expenses by using tax-favored savings accounts. The act calls for ABLE programs that are state-run and allow individuals to make contributions into an account... Continue reading →
Self-employed taxpayers often start from very humble beginnings. However, in some cases, selling handmade wares on eBay or working from the garage at home can expand and become a business that operates across state lines and even internationally. Growth in the number of self-employed individuals is evident in statistics published... Continue reading →
