The tax law provides a valuable tax-saving opportunity to business owners and real estate investors who want to sell property and acquire similar property at about the same time. This tax break is known as a like-kind or tax-deferred exchange. By following certain rules, you can postpone some or all of the tax that would otherwise be due when you sell property at a gain. Read more
WASHINGTON – IRS Summertime Tax Tip 2015-24: People often change their job in the summer. If you look for a job in the same line of work, you may be able to deduct some of your job search costs. Read more
Knowing the difference between the standard and itemized deduction might save you a lot of time and trouble, and some taxes to boot. Read more
Did you convert all or part of a retirement account to a Roth during 2014? And do you now wish you hadn’t? Here’s some good news: You have until October 15, 2015, to change your mind, even if you already filed your federal income tax return. Read more
WASHINGTON – IRS Summertime Tax Tip 2015-20 – If you move your home you may be able to deduct the cost of the move on your federal tax return next year. This may apply if you move to start a new job or to work at the same job in a new location. In order to deduct your moving expenses, your move must meet three requirements: Read more
For many companies, inventory is a significant dollar amount on the company’s financial statements. So it’s crucial that recorded inventory balances reflect actual values. Read more