When the deductible expenses of a business exceed its income, a net operating loss (NOL) generally occurs. If you’re planning ahead or filing your income tax return after
You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are generally considered “passive”
The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the PATH (Protecting Americans from Tax Hikes) Act of 2015. So,
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business went down. Why? Since gas prices are lower than
You might be able to claim a deduction for the business use of a home office. If you qualify, you can deduct a portion of expenses, including rent
It’s common for parents, grandparents and others to make gifts to minors and college students. Maybe you want to do this to help fund education expenses or simply
2016 Tax Deadlines for Texas Small Businesses The New Year means it’s time to update your calendar with this year’s tax filing deadlines. I realize it’s not as
If you should find yourself in a position where you owe the IRS a good deal of money – don’t panic. You’re not alone. There are a lot
Imagine being excited about your tax return (it’s a stretch I know!) because this year you finally get a refund instead of having to pay the IRS. Then
Think you can write off that shiny new equipment like last year? Think again. The depreciation rules are different now. If you’re a business owner you’ve probably always
The Affordable Care Act (commonly referred to as Obamacare or ACA) has probably had the most widespread impact of any law passed in the last decade. Regardless of
Now that April 15th is behind us I’m sure you’re kicking back and breathing a sigh of relief that another tax season has ended. While it’s great to
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