Businesses can generally deduct the costs of marketing and advertising on their tax returns. Costs must be “ordinary and necessary,” which means common and accepted in the industry and helpful and appropriate to the business, such as reasonable advertising costs...
If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation...
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity Normally, if you take the standard deduction and don’t...
The Social Security (SS) “wage base” will increase to $147,000 for 2022, up from $142,800 for 2021. Wages and self-employment income above this threshold aren’t subject to SS tax. The Federal Insurance Contributions Act (FICA) imposes SS tax and a Medicare tax on...
For anyone who is new to the complexities of Tax, Tax Consulting and Tax Preparation might seem like the same thing. But there is so much more than it meets the eye. Today we are going to debunk this common misconception and talk about the key difference between tax...
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result...
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