Category Archive for: ‘Articles’

Do you drive a vehicle for business purposes?  Need to keep track of your mileage and the purpose for each trip?  Here is a A clipboard, writing utensil and this mileage form  is all that you will need to get started.

Nonprofit organizations, just like other corporations, must prepare reports on their financial performance. These reports help management make operating and strategic decisions. They also provide outsiders, such as funders and oversight bodies, with the information necessary to evaluate the agency’s operations. Since not all organizations need the same level of evaluation, Certified Public Accountants (CPAs) have developed three different levels […]

The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes.  A capital gain or loss occurs when you sell a capital asset. Here are some facts about capital gains and losses: 1. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. Capital assets […]

The purpose of owning a vacation home can be for individual use, for investment property, or for both. There are issues that you need to be aware of if you do own a vacation home for any of the above. The IRS is now focusing on monitoring and enforcing laws in the area of investment properties and more detailed information […]

When summer vacation begins, classroom learning ends for most students. Even so, summer doesn’t have to mean a complete break from learning. Students starting summer jobs have the opportunity to learn some important life lessons. Summer jobs offer students the opportunity to learn about the working world – and taxes. Here are six things about summer jobs that the IRS wants students to […]

Employers across the United States faced a deadline on Wednesday, May 8, 2013, that some may not know exists but that could prove costly if ignored. That’s when all employers will be required to use an updated version of the federal I-9 form to prove the eligibility of new workers.  (Click here for a copy of Form I-9.) The form appears to […]

Providing company vehicles for employees and business owners to use either while at work or while away from work can be very beneficial to the employer as well as the employee and business owner.  However, there are certain pitfalls to this arrangement if you are not aware of the tax consequences.  Generally speaking, if the company vehicle is used entirely […]

The costs of commuting from a personal residence to places of business or employment generally are nondeductible personal expenditures. The deduction for commuting costs is disallowed regardless of the distance involved. However, taxpayers whose residences qualify as their principal place of business can deduct transportation expenses incurred in going between their residence and other work locations in the same trade […]

Retaining and storing your income tax information and records is an important final step of your tax filing responsibility. This article contains information on the rules for keeping your tax records. When determining how long to keep most of your income tax information and records, look at (a) the time frame over which the IRS can audit a return and […]