Adam Traywick, LLC - Certified Public Accountant

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 2 months ago

New blog articles detected

  • Documentation Is The Key To Business Expense Deductions

    If your records are incomplete or missing and you get audited by the IRS, your business will likely lose out on valuable deductions. These two recent U.S. Tax Court cases that help illustrate the rules for documenting deductions. Case 1: Insufficient records In the first case, the court found a taxpayer with a consulting business […] The post Documentation Is The Key To Business Expense Deductions...

  • Tax Impact of Investor vs. Trader Status

    If you invest, whether you’re considered as an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified as investors for tax purposes. This means any net gains are treated as capital gains rather than ordinary income. That’s good […] The post Tax Impact of Investor vs. Trader Status appeared first on Fort...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 2 months ago

New blog articles detected

  • Looking For a Retirement Plan For Your Business? Here’s One SIMPLE Option

    Has your small business procrastinated in setting up a retirement plan? You might want to take a look at a SIMPLE IRA. SIMPLE stands for “savings incentive match plan for employees.” If you decide a SIMPLE IRA is right for your company, you must establish it by no later than October 1 of the year […] The post Looking For a Retirement Plan For Your Business? Here’s One SIMPLE Option appeared first ...

  • Are Frequent Flyer Miles Ever Taxable?

    If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume that there are no tax implications involved. You’re probably right, but there’s a chance your miles could be taxable. Usually tax free As a general rule, miles […] The post Are Frequent Flyer Miles Ever Taxable? appeared first on Fort Worth CPA A...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 2 months ago

New blog articles detected

  • The Irs Can Reclassify S Corporation Distributions As Wages

    If you run your business as an S corporation, you’re probably both a shareholder and an employee. As such, the corporation pays you a salary that reflects the work you do for the business. This means you (and your company) must remit payroll tax on some or all of your wages. By distributing profits in […] The post The Irs Can Reclassify S Corporation Distributions As Wages appeared first on Fort W...

  • Now’s The Time To Start Thinking About “Bunching” Miscellaneous Itemized Deductions

    Many of the expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this “floor.” So now is a good time to add up your potential deductions to […] The post Now’s The Time To Start Thinking About “Bunching” Miscellaneous Itemi...

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