If you suffered any flood damage from Georgia’s September storms, you may qualify to take a casualty loss on your tax return. As with all tax deductions, there are several criteria that must be met. For more information on casualty loss and disaster relief, read this C.P.A. Insight.
The American Reinvestment and Recovery Act of 2009 provided several tax incentives regarding saving for college and paying tuition for higher education for the 2009 and 2010 tax years. For more information on how the Act affects 529 College Savings Plans and the newly created American Opportunity credit, read this C.P.A. Insight.
If you are interested in starting your own business, there are several professionals that you should consult along the way so that you can focus your time and efforts on what you do best. For more information on working for yourself by starting your own business, read this C.P.A. Insight.
As part of 2009’s stimulus package, the federal tax withholding tables were adjusted. However, these adjustments created an underlying issue of potentially underpaying federal income taxes. While the IRS attempted to readjust and reissue withholding tables, some taxpayers may still be affected. For more information on how these changes may affect you, read this C.P.A. Insight.,/p>
Telecommuting offers employees the opportunity to work from home, while employers can enjoy paying for less office space. However, if you are fortunate enough to be able to telecommute, there are some tax implications you should consider. For more information on deductible telecommuting expenses, read this C.P.A. Insight.
A company-provided automobile makes for a wonderful non-cash fringe benefit. However, personal use of the auto can create undesirable tax implications. For details on how to minimize the benefit that is subject to income tax, read this C.P.A. Insight.
With students preparing to leave home for school, now is a good time to introduce your college students to creating a budget. It is important for your children to view a budget as a tool that will help them save for large expenditures like a Spring Break trip, rather than a method of control by you. For more information on budgets for college students, read this C.P.A. Insight.
The Internal Revenue Code allows investors to borrow money to make an investment, and to deduct that interest to the extent of their net investment income. However, many investors find that their investment income is treated as Qualified Dividend Income, which receives preferential tax treatment. For more information on why these investors cannot take an investment interest deduction, read this C.P.A. Insight.
You traveled to Aspen to sign a contract with a client on Thursday, but you stayed until Sunday to enjoy some time on the ski slopes to celebrate the deal. Before you write the entire trip off as a business expense, there are a few circumstances that need to be examined before determining deductibility. For more information on trips that mix business with pleasure, read this C.P.A. Insight.
If you won a week at a vacation property in Florida in your church’s silent auction, you are allowed to enjoy your vacation, but you are not allowed to consider your bid as a charitable donation on your taxes. For more information on how the IRS views charitable use of vacation homes, read this C.P.A. Insight.
