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Tax Deductible Expenses

I’m often asked if a particular expense is tax deductible.  Everyone is looking for a deduction!  In general, only expenses incurred in a trade or business (IRC §162) or those incurred in the production of income (IRC §212), will be deductible on an...
Section 179 Expensing Election in 2014

Section 179 Expensing Election in 2014

This time of year, smart business owners begin their year-end tax planning.  During the last ten years, Congress has allowed a large Section 179 election for businesses. Under the provisions of Section 179, qualifying property placed in service during the tax year may...
Per Diem Rates for Fiscal Year 2015

Per Diem Rates for Fiscal Year 2015

The IRS has released the per diem rates taxpayers can use to reimburse employees for expenses incurred during travel after September 30, 2014. The low-cost area per diem increases from $170 to $172 and the high-cost area per diem increases from $251 to...
New Retirement Option?

New Retirement Option?

In his state of the union address on January 29, 2014, President Obama instructed the Treasury Department to create the myRA retirement savings account.  These accounts will be available before 2015.  As an update, President Obama’s budget, released on March...