Testimonials

Here’s an idea: Why not purchase a motorhome or recreational vehicle and deduct it as a business expense?

As long as you use it for business this could be a really sweet deal. And if you just happen to use it for pleasure once or twice, that’s no big deal, right?

You won’t be the first person to think of this and if you don’t follow the IRS rules, you won’t be the last to experience the consequences. The courts and the IRS have battled this discussion out several times. Both have been challenged trying to confirm when the motor home is a business vehicle and when it is a business lodging facility.

Does it matter?

It does. The business … Read more →

It was one of the greatest financial bets of all time. Hedge fund manager John Paulson bet big against subprime mortgages ahead of last decade’s financial crisis, earning billions in profits for his funds. It was a gamble that, in the long run, didn’t pay off.

Along with the $4 billion he earned for himself, he nailed a second record-breaking honor when he was slapped with one of the largest personal tax bills in history.

According to people close to the firm, Paulson used a tax provision available at the time to hedge fund managers. After deferring the bulk of taxes on the profits, Paulson’s personal tax bill came due on April 17th when he was required to pay about … Read more →

Blood, sweat, and tears: the labor of love you pour into your business every day. It may be priceless from your standpoint. But will it have a fair market value on the street?

Here’s a question for you: How do you accurately translate your net worth?

A hundred dollars an hour?

A thousand?

Okay, we know, you’re worth every penny, but regardless of what it says on paper, you won’t be able to calculate the true value of your efforts until you have been paid. And by the way, don’t assume donating those hours will result in a big fat deduction at tax time.

What About Charity Donation?

When you donate time to charity or you’re looking to deduct the … Read more →

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