Write Off Business-Related Vehicle Expenses

Q. I’m using my personal car in my business. How much can I deduct on my tax return for the vehicle expenses? A. There are two basic ways to write off expenses for business-related travel: The standard mileage method. This provides a basic deduction for mileage...

It’s Tax Time All Year Round

Here are just five of the tax-smart decisions we can help you make during the year. If handled properly, they might significantly reduce your tax liability: 1. Should you buy or lease vehicles, equipment and buildings? 2. If you’re going to make a major purchase...

Will You Be Hit With AMT?

The end of the year is approaching so it’s time to identify tax planning moves you should make before December 31st. The first step is for our firm to make a projection of your income, as well as tax deductions and credits. If the projection shows you will be...

What is Blockchain and how will it change accounting?

Like it or not, blockchain is here to stay, and accounting is one industry that is sure to see disruption. Blockchain began as the technology behind Bitcoin, the most popular cryptocurrency. A distributed ledger technology, Blockchain is a database that everyone can...

Partnerships Must Prepare for New Audit Regime

Originally posted in January, the IRS has reissued proposed regulation that implements the centralized partnership audit regime. Mandatory implementation takes effect January 1, 2018. Replacing the unified audit procedures enacted by the Tax Equity and Fiscal...

Individual Year-End Tax Planning

Dramatic tax changes may be over the horizon with Donald Trump in the White House and Republicans maintaining a majority in Congress. Most likely, many provisions will not go into effect until 2018 or later. When preparing for your year-end tax planning, keep in mind...