Pay Attention to the Tax Rules If You Turn a Hobby Into a Business
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to [...]
Updated Guidance on Business Vehicle Depreciation
The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain complicated. In addition, annual inflation adjustments make allowable depreciation [...]
Watch out for “income in respect of a decedent” issues when receiving an inheritance
Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. [...]