By month: September 2023

Act Now! Get Your Safe-Harbor Expensing in Place

If you have not done so before, put your safe-harbor de minimis expensing election in place now. The de minimis rules make your tax record-keeping easier. With this safe-harbor expensing, unlike with Section 179 expensing, you don’t need to track the assets and keep them in a depreciation schedule.

Test Your Tax IQ: Deducting More Than One Business Vehicle

This article contains a short quiz that will help you understand when you can gain tax deductions by using more than one vehicle for business. You will see what the IRS has to say about driving more than one vehicle, how the mileage log works when you drive more than one vehicle, and what it takes to make this pay off for you.

Key Insights into Depreciation from Beginning to Middle to End

Understanding when and how property depreciation starts is essential for maximizing asset value and ensuring compliance with tax regulations. This article offers clear insights and real-world examples, ensuring you’re well equipped to navigate this crucial financial concept efficiently.

Hobby Loss Rule Raises Its Ugly Head

Did you know your hobby or supposed business-loss activity could leave you with a hefty tax bill? Discover the implications of the hobby loss rule, and learn from the real-life case of Carl and Leila Gregory.

Defining “Real Estate Investor” and “Real Estate Dealer”

The initial good news is that your real estate portfolio can contain both investor and dealer properties. The additional good news is that you are in control, and by knowing just a few rules about dealer and investor classifications, you can do much to increase your net worth.


Wildfires and Storms: Tax Relief—A Joke

It’s been a busy year for natural disasters—the wildfires in Maui are the most recent as we write this article. The IRS is one of the government agencies that offers relief from disasters. Here’s what you need to know about IRS tax relief.

Court Denies Clothing Donations to Goodwill and the Salvation Army

Your non-cash charitable contribution must run the gauntlet before giving you tax benefits. This article examines a court case in which one hurdle prevented clothing donations to Goodwill and the Salvation Army.

Why Some Business Owners Prefer Individual HSAs

As a business owner with fewer than 50 employees, you should consider the health savings account (HSA) as an option if you don’t want to provide health coverage to your employees. And of course, if you don’t have any employees, you should consider the HSA.

Tax Facts for Foreigners Moving to the United States

If you are moving to the United States from a foreign country, your income tax obligations will depend on your tax residency status. The U.S. tax system categorizes foreign individuals as resident aliens or non-resident aliens. Find out what this means and how to comply with U.S. tax laws.


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