Here’s a rule: Protect yourself. Do not engage dishonest tax preparers. And here’s a story that we want you to hear. The government indicted, tried, and convicted tax preparer Gregory D. Goosby of 30 fraud violations where he willfully aided and assisted in the preparation of false and fraudulent income tax returns. Vincent Allen engaged Goosby to prepare his tax [...]

Qualified improvement property is any improvement to the interior portion of a building that is nonresidential real property (think office buildings and shopping centers) if you place the improvement in service after the date you place the building in service. Lawmakers intended qualified improvement property to be 15-year property and eligible for 100 percent bonus depreciation. Not so. Due to [...]

The Affordable Care Act’s $100-a-day penalty for improper medical reimbursements likely has your attention. And it should. But you can find many reimbursements that are allowed without penalty, including the ability to reimburse Medicare when you have fewer than 20 employees. Some group insurance plans do not cover Medicare-eligible employees if the group plan covers fewer than 20 employees because: [...]

How does the tax law treat the classic or antique car when you use it for business? Can you deduct it just as you would any car you use in business? To deduct the classic or antique car, • the car must be of a type that’s subject to wear and tear, decay, decline, or exhaustion; and • the car [...]

If you have no taxable income, should you claim the home-office tax deduction? Answer: yes. Even with no taxable income, you have two for-sure tax benefits from the home office, and you likely have a third benefit. By claiming your home office as your principal place of business when you have no business income for the year, or perhaps a [...]