Submitted by Chris Moss CPA All taxpayers who own their own business deduct travel and transportation on income tax returns as either a business expense for themselves or as a reimbursement to their employees or subcontractors. However, many honest hardworking business owners are reluctant to deduct the full extent of their travel, transportation, and related …
June 2014 archive
Jun 22
Debt Forgiveness and Short Sales
Submitted by Chris Moss CPA Only the IRS could tax you after you have lost your home in foreclosure. But that is exactly what used to happen if your lender sold your home at a sheriff’s sale for less than your mortgage and did not come after you for the difference. What a surprise when …
Jun 16
Residence to Rental Conversion
Submitted by Chris Moss CPA Most of us know that $250K of gain is exempt from tax on the sale of your primary residence ($500K if married) if you lived in that house for 2 of the last 5 years. But what if you sell your house at a loss? Tough luck the IRS says. …
Jun 12
10% Tithe Replaces Income Tax
Submitted by Chris Moss CPA Did you all know that the United States never had an income tax until the Civil War? But what you probably don’t know is that England had also been working with income tax hundreds of years earlier. This was no coincidence. Western nations in the 19th century started keeping track …
Jun 01
The Family Limited Liability Company
The Family Limited Liability Company Submitted by Chris Moss CPA Credit Suisse pleads guilty to helping “clients deceive U.S. tax authorities by concealing assets in illegal, undeclared bank accounts, in a conspiracy that spanned decades..” —and no one going to jail? According to news reports the only penalty to Credit Suisse was a $2.5 billion …