Income tax generally applies to all forms of income, including cancellation-of-debt (COD) income. Because if a creditor forgives a debt, you avoid the
If your records are incomplete or missing and you get audited by the IRS, your business will likely lose out on valuable deductions.
Has your small business procrastinated in setting up a retirement plan? You might want to take a look at a SIMPLE IRA. SIMPLE
If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a
If you run your business as an S corporation, you’re probably both a shareholder and an employee. As such, the corporation pays you
Many of the expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of
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