This handout describes the filing requirements for Form 1099-MISC, Miscellaneous Income, including payments made to attorneys and penalties for failure to file correct returns or furnish correct payee statements.
Read MoreThis handout explains the circumstances under which an individual can claim a deduction for using their vehicle for business purposes.
Read MoreThis handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on changes for individuals whose business deductions exceed gross income. Information includes the new excess business loss limitation, pass-through entities, and net operating losses.
Read MoreThis handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on depreciation changes clients are likely to be interested in. Information includes the Section 179 deduction, special (bonus) depreciation, luxury automobiles, and qualified improvement property.
Read MoreThis handout discusses the self-employment tax and how it is calculated. Common self-employment tax situations are explored.
Read MoreThis handout provides information which will help determine whether a current business deduction can be taken for expenses incurred on business assets, or whether the expense must be capitalized and depreciated.
Read MoreThis handout provides a description of how partnerships work and explains the tax reporting requirements of the partnership and its partners. Advantages and disadvantages of a partnership are also discussed.
Read MoreThis handout explains how an LLC operates and how to form an LLC. Information is also provided on the classification of an LLC which will determine the proper tax filing for the LLC.
Read MoreThis handout explains the type of records which should be kept and the retention period of those records. The information is beneficial for recordkeeping of individual tax records and also for recordkeeping of business tax records.
Read MoreThis handout describes the various aspects of rental income and expenses. There is also an explanation of the difference between a repair and an improvement and the tax consequences of each.
Read More