Horses For Profit

Horse Breeding Was a Hobby, Not a Business

Cross References: Stuller, 7th Circuit Court of Appeals, January 26, 2016 The taxpayers lived in Illinois and owned several profitable restaurants. They also owned and bred horses on a farm in Tennessee. They hired an experienced horse trainer to train their horses and manage the farm. Under an agreement between the trainer and the taxpayers, the horse trainer […]

Donate your car for tax advanatges

If you have an old car that you are looking to get rid of, you have one of four options. You can trade it in on a new car, sell it on your own, take it to the junk yard, or donate it to a good cause. Even though there are benefits that go along […]

Employee Vehicles

Tax Guidelines to Vehicles for Business Use

Vehicles — Business Use Under certain circumstances a taxpayer can claim a deduction for using their vehicle for business purposes. If you use your car for business purposes, you ordinarily can deduct car expenses using either the standard mileage rate or actual expenses. Use of a vehicle qualifies as business use under all of the following. Getting from […]

Five Questions and Answers about New Social Security Claiming Rules

When Congress unexpectedly eliminated two Social Security claiming strategies as part of the Bipartisan Budget Act of 2015, retirement planning got a little more complicated for people who expected to use those strategies to boost their retirement income. Here are some questions and answers that could help if you are wondering how the new rules might affect you. […]

The Value Of An Accountant In An Organization

In every organization or any business establishment that deals with distribution of a certain product to the market, there exists a procedure that needs to be followed. When money is involved, the value of an accountant cannot be under estimated or downplayed. There needs to be a system that ensures the finances coming in and […]

Have Your Business Valuations For IPO Done Properly

Everyone that owns a company would want the value of their company to be the best. You might wonder how you will be able to get the best value for your company. Business valuations for IPO are something that you can look in to. You need to remember; if your company is a small company […]

Why Is Tax Planning Important For Your Future?

Whether you are single or married, a parent or grandparent, you always need to look ahead to the future. Part of doing that means planning out your financial future and trying to save as much money as possible. That means paying as little as possible to Uncle Sam each year. So why is tax planning […]

Learn Exactly What Is Fiduciary Accounting All About

At some point in one's life a member of the family will pass away, this is inevitable. This will be a very hard time for all and there will be more legal problems to deal with during that time. One thing that will need to be addressed is the Will of the deceased. A trusted […]

Get The Most Value Of An Outsourced Bookkeeper

If you own a business it is vital to keep the accounts current. You must also make sure to meet important deadlines. Business owners need to understand the value of an outsourced bookkeeper. The bookkeeper can do so much for your company. It is important that you keep open communicate with your bookkeeper so you […]

IRS

IRS Identifies Five Ways to Spot Scam Phone Calls

The IRS has issued a consumer alert providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS. These callers may demand money or may say the taxpayer has a refund due and try to trick the person into sharing private information. These con artists can […]