Monday, May 02, 2016
We often read about the misappropriation of billions of dollars from large companies but we don’t read about the misappropriation of assets by employees of small companies. The cost of theft perpetuated against small businesses has been estimated to be in excess of $200 billion dollars a year. These figures may be low since many cases are not reported.
Thursday, January 14, 2016
Recently, a few of our clients expressed interest in having their Individual Retirement Accounts invested in residential and commercial real estate and questioned whether this is allowed. They sought this advice out of a desire to further diversify their IRA portfolio and take advantage of depressed values of real estate.
Saturday, December 19, 2015
Automobile expense is a common deduction for anyone who travels for business.Unfortunately, many taxpayers do not keep good records and wind up estimating mileage, business use percentage and costs. Estimates are acceptable for some types of deductions under a court decision known as the Cohan Rule. Unfortunately, automobile expenses are not one of them.
Tuesday, November 10, 2015
Contributions to a regular IRA are tax deductible and distributions are included in income. Withdrawals prior to age 59 1/2 are subject to a penalty of 10%. Contributions to a Roth on the other hand are not deductible and distributions are not included in income. Roth contributions can be withdrawn without penalties.