Using Trusts – Meeting Tax and Non-Tax Goals

Trusts have been used as integral parts of sophisticated tax and financial arrangements for centuries. Exactly how they are used, however, depends on a person’s particular goals, currently applicable tax rules, and other factors. We hope this post will give you a bit of general information about the current use of trusts to familiarize you … Continue reading

Out-of-Pocket Expenses as a Volunteer for Charities

Out-of-Pocket Expenses as a Volunteer for Charities

A recent Tax Court case serves as a reminder that the IRS and the courts require strict compliance with the documentation rules for charitable donations. The taxpayer in this case had spent substantial sums as a volunteer in support of a charitable organization. Because she did not obtain proper acknowledgement from the charitable organization, however, … Continue reading

HOW TO BE A BETTER TAX CLIENT

HOW TO BE A BETTER TAX CLIENT

With tax season here, its time to start gathering the data needed to prepare your 2011 income tax returns. This information will trickle in over the next few months. Some of the envelopes you receive will be marked “Important Tax Document”, but some may not. To make this tax season easier on everybody, here are … Continue reading

Deducting Auto Expenses

Deducting Auto Expenses

DEDUCTING TRANSPORTATION (AUTO) EXPENSES ON YOUR TAX RETURN AUTO DEDUCTIONS AS A BUSINESS EXPENSE Transportation expenses, like any other business expense, must be “ordinary and necessary” for your business. The deductions for the following discussion pertain only to business use of a vehicle. For this purpose the definition of vehicle does not include those that … Continue reading

Charitable Contributions Information Sheet

Charitable Contributions Information Sheet

CHARITABLE CONTRIBUTIONS AND HOW THEY RELATE TO YOUR TAX RETURN An area I have had to deal with in the audits I have been involved with is charitable contributions. The basics of charitable contributions in relation to your tax return are: You can deduction qualified contributions only if you file Schedule A, Itemized Deductions. Deductible … Continue reading

2011 Individual Tax Client Letter

2011 Individual Tax Client Letter

Happy New Year, As we ring in 2012, we begin the process of preparing for the 2011 tax season. As always we want to make the preparation of your tax returns as easy as possible for everyone concerned. We can establish a secure online portal site which can make the transfer of files and documents … Continue reading

2011 Business Client Letter

2011 Business Client Letter

Dear Client, At this office, we take pride in serving many small business clients. As part of that service, we try to provide information to assist with running your business, as well as maintaining compliance with various tax requirements. That’s the reason for this letter. Some of the items below may not apply to your … Continue reading