Wash sale Rules: These rules prevent you from claiming a tax loss on selling a stock if shortly before or after that sale you’ve acquired substantially the same stock. The rationale is you haven’t really realized a tax loss if you still own substantially the same stock. The IRS has just expanded the reach…
New Year’s Resolutions: ■ Set up a file with all key medical records for yourself and each family member/loved one. ■ Review disability, business interruption, and other insurances, as well as your rainy day funds, for emergencies. ■ Consider how your estate plan affects those receiving it. Focus on their perspective, not just yours….
Summary: You’re renting new office or store and are negotiating an allowance for improvements, and planning for the costs you’ll incur on fitting out the space. How can you maximize deductions from leasehold improvements and other costs you’re likely to incur? Costs to Acquire Your Lease Brokerage commissions, legal fees, and other costs incurred…
Summary: The cost of a real property leasehold improvement generally has to be depreciated over a 39 year recovery period. However, if expenditures can be properly classified as tangible, personal, movable, non-real estate property, they may qualify to be deducted currently. This can provide a tremendous tax benefits. The analysis used to determine which costs…