Category Archives: Tax Write Offs

Businesses have additional incentive to purchase machinery, equipment, and various other assets this year

[mp_row] [mp_span col="12"] To most of us, the word "dependent" is synonymous with "child," but the IRS's definition is a little different. For tax purposes, a dependent must be either a "qualifying child" or a "qualifying relative." To be a qualifying child, the child must: Live in your home for over half the year Be…

Tis the Season, at the end of the year, companies often celebrate the holidays by having office parties or giving gifts to their employees. The following are some general guidelines as to what is taxable and what is not. Gifts. Employers can give their employ- ees merchan- dise of nominal value - hams and turkeys,…

Tax Credit Opportunities, tax deductions aren't the only things to consider when looking for ways to reduce your 2013 tax bill. There are a number of tax credits that you may be able to claim. A tax credit reduces your tax liability dollar for dollar (and, in some instances, may be fully or partially "refundable"…

Powerful Deductions, taxpayers like deductions because they're a key to lowering taxes. But not all deductions work the same way in the tax calculation. Those you are allowed to claim "above the line" can be especially powerful. On your personal tax return, abovethe- line deductions are subtracted from your income to arrive at your adjusted…