Billions of Unclaimed Property- Is Some of it Yours?
Did you know that every U.S. state has an unclaimed property program that actively and continuously finds owners of lost and forgotten assets? In 2015 alone, $3.2535 billion unclaimed properties were returned to their rightful owners as a result of state unclaimed property program efforts. The amount of the average claim was $892. It’s estimated that there is still $41.7 [...]
Thinking of Buying a Business? Get a Asset Purchase Deal
You mentioned that you are thinking of buying a business. Some thoughts occurred to us and we thought we should send you a short note. When you are buying a business, you want to buy not only at the right price, but also in a manner that keeps your taxes as low as possible. One of the variety of ways [...]
Can Business Credit Card Help Grow Your Business?
Many business owners are reluctant to obtain and use a business credit card for their expenses, and with good reason. If there’s ever a month when you can’t pay your balance in full, you’ll throw good money away on interest – sometimes in exorbitant amounts. However, business credit cards do have their advantages, and can be an aid in expanding [...]
Tax Tips for Casual Gamblers
You might not consider yourself a gambler, but if you play the lottery or make the occasional bet at the horse track, the IRS says you are. Gambling winnings are taxable and must be reported on your tax return. That includes lotteries, raffles, races, and casino games. It includes cash as well as the fair market value of any prizes [...]
Have an IRS Audit? We Can Help
If you are like most people, the scariest words in the English language are “IRS audit.” Not “grim reaper,” not “root canal,” but “IRS audit.” You can just imagine this menacing IRS agent knocking on your door and handing you a tax bill for thousands of dollars. You feel so helpless. You tell yourself, “Who am I to take on [...]
Deduct All Your Meals and Entertainment Expenses
Thanks to a recent decision by the Tax Court, we may be able to find new opportunities for you to make certain business meals 100 percent deductible, versus their current 50 percent deductible status. Under the court’s criteria, you can qualify for the 100 percent deduction if you own or lease an eating facility for your employees (this could be [...]