Writing Off Your Start-Up Expenses

Writing Off Your Start-Up Expenses

Business owners, especially those operating small businesses, may deduct up to $5,000 of their start-up expenses in the first year of the business’s operation. This is in lieu of amortizing the expenses over 180 months (15 years). Generally, start-up expenses include...
Alcoholism & Drug Addiction

Alcoholism & Drug Addiction

Taxpayers are allowed a deduction for medical expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of the taxpayer, the taxpayer’s spouse, or a dependent. Alcoholism and drug addiction are treated as medical ailments...
Tips to Avoid Tax Penalties for 2014

Tips to Avoid Tax Penalties for 2014

Thanksgiving marks the beginning of the holiday season and the time when we begin to think about family get-togethers, holiday gift sharing and parties. But don’t overlook what comes right after the holidays: tax season. And don’t overlook a couple of things you can...