News Articles

13

March

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Tangible Property Safe Harbors

Tangible Property Safe Harbors If your business has made repairs to tangible property, such as buildings, machinery, equipment and vehicles, you may be eligible for a deduction on your 2014 income tax return. But you must make sure they were truly “repairs,” and not actually “improvements.” Why? Costs incurred to improve tangible property must be … Continued

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09

March

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Deducting Investment Interest for 2014

Deducting Investment Interest for 2014 Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make the deduction less beneficial than you might think. Your … Continued

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25

February

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Proper Substantiation for 2014 Charitable Donations

Proper Substantiation for 2014  Charitable Donations If you don’t meet IRS substantiation requirements, your deductions for charitable donations could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value … Continued

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19

February

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Tax Tip: IRS Requires Accurate Records for Deductions

Tax Tip: IRS Requires Accurate Records for Deductions Are you looking for ways to lower your tax bill? Itemizing your deductions can potentially reduce what you owe. Common deductions include medical expenses, charitable donations or unreimbursed job-related expenses. If you decide to claim deductions, it’s very important that you keep accurate records and receipts to … Continued

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09

February

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Mileage Deduction: Are you deducting all of the mileage you’re entitled to?

Mileage Deduction: Are you deducting all of the mileage you’re entitled to? You probably know that miles driven for business purposes can be deductible. But did you know that you might also be able to deduct miles driven for other purposes? The rates vary depending on the purpose and the year: Business: 56 cents (2014), … Continued

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