Personal Finance

We are dedicated to keeping clients abreast of the latest developments and tax-saving strategies. This section includes a library of hundreds of timely articles about business, taxes, finances, trends and the like. The articles are categorized by subject matter, which can be accessed from the links. Click on your topic of interest and find a wealth of information.

Business Use of Your Car

When you use a vehicle for business purposes, you can deduct the business portion of the operating expenses on your job or business. If you use it only for that purpose, you may deduct its entire cost of operation (subject to limits discussed later)....

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When Business Property Must Be Depreciated

Whenever property is purchased for business use in a business and that property has a useful life of more than one year, its cost must be deducted over its useful life. This accounting procedure is referred to as depreciation. The number of years the...

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Mixing Business With Pleasure

It is not coincidental that most conventions are held in resort areas during the spring through early fall months. Convention planners know quite well that convention timing and location is the key to its success. If planned properly, attendees can deduct...

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Deductions For Business Transportation

Home to work - Generally, travel between home and work within a metropolitan area where the taxpayer normally lives and works is nondeductible commuting, even if the trip is made more than once a day. However, if a taxpayer travels to multiple work locations...

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Employee Use of a Home Computer

If a taxpayer purchases a home computer for use in their work as an employee, they can claim a depreciation deduction if:1. Use of the home computer is for the convenience of the employer (that is, the taxpayer is required to use a computer on the job...

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Deducting Sales Tax On Business Purchases

When taxpayers buy new equipment for businesses purposes, the following question arises: "Can they separate the sales tax from the purchase price and deduct that separately as a currently deductible tax expense?" Unfortunately, you are required to include...

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Keeping Records for Out-of-Town Business Travel

Out-of-town expenses are the ordinary and necessary expenses of traveling away from "home" overnight in pursuit of your employment, trade, or business. Your home is generally considered to be the entire city or general area where your principal place...

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Lodging Expense Requires Substantiation

Individuals who pay for lodging expenses while away from home on business can deduct these lodging expenses only if they are substantiated in full (record of time, place, amount, and business purpose, plus paid bills or receipts). The expenses can't be...

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For Tax Purposes, Is It Better To Sell or Trade-in a Business Vehicle?

It does make a difference for tax purposes if you sell or trade-in your business vehicle.Sell - If you sell it, you will incur either a taxable gain or loss, depending upon the amount you sell the business vehicle for less the undepreciated basis in the...

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Travel Deduction - Temporary Workplace

For purposes of determining whether transportation between work and home is deductible, the IRS states that a temporary workplace is one where employment is expected to last one year or less. The following applies under the IRS definition: Employment...

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