Can I deduct home office expenses?

Home office expenses are often among the first discussed when the topic of deductions comes up. The home office deduction allows qualified taxpayers to deduct certain home expenses from their business income. To claim home office deductions as a business expense, taxpayers must regularly and exclusively use part of a home or separate structure on […]

7 Tips to Help You Get Your Goals Back on Track

One-fourth of the year is behind us. Most fail to stay committed to their goals even if they create a New Year’s resolution list. Now is an excellent time to check your annual goals and recommit or recalibrate for the rest of the year. There is still plenty of time for reflection, change, and new […]

Can Florida merchants add a surcharge to customers using a credit card?

As a small business or merchant, it can sometimes be frustrating when customers or clients ask if you accept credit cards because the fee charged by credit card companies comes straight off your bottom line. These “swipe” or “interchange” fees are calculated as a percentage of the amount purchased and add up on travel cards […]

What can I deduct as a business expense if I travel for business?

Business travel can be a substantial cost in many industries. Some jobs require infrequent travel for training or conferences, while others require employees to be on the road every week. Regardless, it is essential to understand the rules for maximizing tax deductions for business travel. What kind of travel expenses can be deducted? The IRS […]

Why is my CPA asking me to sign a Form 2848 Power of Attorney?

What is a Power of Attorney? A power of attorney (POA) is a written document that authorizes another person to function as one’s agent or attorney in particular circumstances or in all legal or financial matters. The powers granted depend on how it is written and the powers granted. Any individual given power of attorney […]

When do I need to report gifts made to a family member or others?

Gifts are completed cash transfers or other property from one person to another. Gifts include cash, transactions, real estate, vehicles, life insurance cash value, debt forgiveness, financial securities, crypto assets, and virtually any other property of value at the time of the gift. For tax purposes, the gift amount is the item’s fair market value […]