Let’s Talk About Tax, Baby

Individual Edition By Angela Freyman, MBA “The purpose of a tax cut is to leave more money where it belongs: in the hands of the working men and working women who earned it in the first place.” – Bob Dole If you have a topic of interest you would like to see us cover, feel […]

Christmas Came Early In 2018: The New Tax Legislation

Business Edition By Greg Freyman, CPA, CGMA “Thankfulness is the beginning of gratitude. Gratitude is the completion of thankfulness. Thankfulness may consist merely of words. Gratitude is shown in acts.” —Henri Frederic Amiel If you have a topic of interest you would like to see us cover, feel free to reach out and let us […]

Schedule C Hot Topics

With tax season upon us, we have compiled a list of hot topics the IRS has been known to closely examine with the filing of a Schedule C – Profit or Loss from Business. The IRS’s primary concerns revolves around the reliability/duplication of information provided on the Schedule C as well as the methods used […]

Does Itemizing Increase My Audit Risk?

Itemizing deductions in itself does not increase the chances of being audited. If we reference the latest IRS statistics, the taxpayer’s income is more of a factor than whether or not they itemized. Specifically: Most basic tax returns with less than $200,000 in income and without any business or investment income have a 0.3% chance […]

Should I Itemize Or Claim The Standard Deduction?

The obvious answer is that if your itemized expenses exceed the standard deduction, you should itemize. That being said, if you don’t have the actual receipts and supporting documentation to justify claiming those expenses, then you run the risk of losing those deductions as a result of an audit, which can be costly from an […]

Tax Breaks For Retirees

Many existing or soon to be retirees should pay careful attention to the tax breaks that are available to them. As most of us know, when you’re on a fixed budget, every dollar counts. So, what are some of the tax breaks for retirees? Vitamins/Nutritional Supplements This can be overlooked as many elderly taxpayers may […]

Are Condo Common Area Expenses Deductible?

A condominium is different from a house in many respects. For instance, condos typically do not have a yard or basement. Instead, condo owners share land, lobbies, elevators, stairs, pools, and other service areas. As such, owners generally pay dues or assessments to a special corporation that is organized to manage the common areas. Are […]