Category: Taxation


Depreciating Your Commercial Real Estate

  What is Depreciation? When you purchase property for business purposes, such as buildings, equipment, machinery, vehicles, and furniture, the IRS does not consider these purchases as deductible expenses. Instead, because of the nature of the property, it is considered an asset that is subject to depreciation. This means that the property is expected to  … Read more

Claiming Medical Expenses

  Medical care is expensive. Even if you have the most generous health insurance policy in America, you are going to pay a lot of money out of pocket if you have an unforeseen medical emergency, or an event that requires intensive medical treatment or hospitalization. This is why it is important to understand if  … Read more

The Taxpayer Bill of Rights

  For many, paying taxes can seem tedious, confusing, and unfair. This is especially salient when you see your reduced paycheck a, big tax bill, or read about how the government lost track of tens of billions of dollars in cash in Afghanistan. In addition, there are many people who are dissatisfied with the IRS  … Read more

Tax Rules Benefitting Veterans

  Our active and veteran military members honor our Country with their service. Unfortunately, this service is often without reward. Many veterans struggle following their service, with mental health and physical challenges, as well as problems establishing a career. To honor military service and to help alleviate their financial burdens, the IRS and states offer  … Read more

Properly Reporting Entertaining Expenses

  Entertaining expenses is an often misunderstood, and over-reported, tax deduction that can lead to unintended IRS scrutiny of a taxpayer’s return. That does not mean that a taxpayer should not take this deduction, but that the taxpayer needs to be aware of the IRS rules regarding these expenses. The IRS describes entertaining expenses as  … Read more

Reporting Losses from Theft, Casualty, and Disasters

  As a homeowner or small business owner, we try to plan for everything. However, as we have seen in recent months, there is little we can do in the face of historic natural disasters. When the unexpected or unusual happen, taxpayers are entitled to claim deductions for disasters, casualty, and theft that result in  … Read more

The Adoption Tax Credit

  Expanding your family through adoption can be an incredibly exciting and fulfilling experience. People simply want to expand their families and experience the joy of parenting. Further, there are many children in the world waiting for the opportunity of a permanent, loving family. In fact, it is estimated that 135,000 children are adopted every  … Read more

Self Employment and Retirement

  Self-employment offers what many Americans dream of: freedom and autonomy. With self-employment, however, also comes great risk. Legal risk. Financial risk. Emotional risk. A lot of these risks can be addressed with hard work, a sound business plan, insurance, a trusted attorney, and methodical planning. In addition, if you work for yourself, one of  … Read more

The IRS and the Affordable Care Act

  Since it was signed into law in 2010, the Affordable Care Act, also known as the ACA, also known as “Obamacare”, has been a lightning rod of controversy. Half of the country loves it, while the other half seem to believe it is the worst piece of legislation created in generations. Regardless of which  … Read more

Reporting the Cost of Goods Sold

Reporting the Cost of Goods Sold

When you run your own business, the importance of accurately preparing your taxes cannot be understated. Part of getting things right include identifying and claiming all deductions for which your business is eligible to reduce your taxable income. If your business makes or resells goods, the “Cost of Goods Sold” is a significant business tax  … Read more