Monthly Archives: March 2014

Repairs Versus Improvements

Repairs Versus Improvements, if you own a business or an income-producing property, you know there is an important tax difference between a "repair" and an "improvement." The cost of a repair can be deducted in its entirety in the year it is incurred, but the cost of an improvement must be capitalized and is generally…
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Taking a Casualty loss

Taking a Casualty Loss, the news is filled with stories of people losing their property and even their entire homes to hurricanes, tornadoes, fires, and winter storms. If you have suffered a property loss, you may be able to claim a "casualty loss" tax deduction. A "casualty" is the destruction of property from some sudden,…
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Hire Your Child for the Summer

Hire Your Child for the Summer if you own your own business, you may want to think about employing your child for the summer. Not only will your child learn some valuable workplace skills, but you could reduce your taxes, too. Tax Savings Hiring a child can be a legitimate income-shifting tool. The wages you…
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Selling Your Home

Selling Your Home, it's great to make money on the sale of a home, but. the gain is potentially taxable. The good news is that you may qualify for a generous federal income-tax exclusion. General Rules Single taxpayers may qualify to exclude gain of up to $250,000 if they both owned and used the home…
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