Start-up Expenses

If you are an existing business owner who is considering expanding into a new line of business or a new owner who incurred costs starting your business, you need to be aware of start-up expenses.  Start-up expenses are a special category of tax deductions which would otherwise be nondeductible until the business is disposed, but can be expensed up to a limit with the balance amortized over 15 years. 

The Proposed Border Adjustment Tax

A business tax reform proposal by Republicans in the U.S.

Fully Deductible Meals and Entertainment Expenses

Summer is here, and that means it is time to get outside and enjoy the sunshine! If your business hosts summer employee outings then the business is eligible to write-off 100% of the expenses for tax purposes. So what are the rules for deducting meals and entertainment expenses?  That is what we will explain in this segment of our Tax Update.

Many business owners assume that all meals and entertainment expenses are automatically subject to a 50% limitation.  This is not necessarily so. There are many meal and entertainment expenses which are 100% deductible.

How to Respond to a Tax Notice

The dreaded Tax Notice from the IRS! It’s the one piece of mail many taxpayers find absolutely terrifying to receive.  In this segment of our Tax Update we will recommend the steps you should take to help you get through the process quickly and as pain-free as possible!

Now that the April 18th tax deadline has passed and the summer months are on the horizon, the season of tax notices has started to take place. The IRS and state tax authorities send millions of letters and notices to taxpayers each year, beginning shortly after the April 15th tax filing deadline ends. 

Tips for Choosing the Right Tax Return Preparer

Many of you just finalized your 2016 return and think you are done for another year.  Whether you are tired of struggling through your return yourself, or you would like to discuss your situation with a professional, now is a great time to select a tax preparer. 


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