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

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

Should I Start an LLC?

Starting your own business can be a nerve-wracking process. You are trying to do something big and important for your life, but you are also anxious about whether it will work out. Significantly, you want to make good decisions from the beginning so that you can carry positive momentum into the future. One of these  … Read more