News & Articles

Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions

Posted on Fri, Nov 20, 2020

Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if you deducted vehicle expenses — and it tends to be especially critical of the amount deducted if you're self employed or you employ relatives. While the basics seem simple, there are numerous exceptions.

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Tags: Deductions, Vehicle Expense, Tax Deductible

How to Save Taxes in 2020 and Beyond

Posted on Mon, Nov 02, 2020

It's time to implement strategies to help reduce your 2020 federal income tax bill and position yourself for future tax savings. Here are some ideas to consider before year end.

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Tags: Deductions, Income Tax, Tax Deductible, Federal Income Tax

Don't Overlook Miscellaneous Itemized Deductions

Posted on Mon, Nov 09, 2015

Many people itemize deductions on Schedule A of their tax returns, rather than taking the standard deduction. Your tax preparer will generally advise you to do so if your allowable itemized deductions exceed the standard deduction.

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Tags: Tax, IRS, Tax Deductible, Tax Deduction, Taxes

Food for Thought When Making Year-End Charitable Contributions

Posted on Tue, Dec 03, 2013

'Tis the season for charitable gift giving. Studies show that the average charity receives about 40% of its annual contributions between Thanksgiving and New Year's Day. This article provides tips to ensure your contributions are tax deductible in 2013 and that they will actually go to a legitimate charity, not a scam.

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Tags: Bogus Charities, Not-for-Profit, CPA Firm, Echelbarger, Charitable Contributions, Tax Deductible, Scam Charities, EHTC