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

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