With section 179, businesses can deduct the entire cost of significant assets such as business equipment and furniture immediately instead of depreciating them over time. Principle...
Posted by Rosovich & Associates, Inc. on 09/09/2021
When preparing for your income tax, the general rule is that you write off your daily business purchases, such as office supplies or utility vehicle mileage, as expenses, and purchases...
Posted by Rosovich & Associates, Inc. on 08/15/2021
Do you have a small business? You can take advantage of these ten deductions to reduce your taxable income. The legal reduction in taxable income isn't as thrilling as winning...
Posted by Rosovich & Associates, Inc. on 07/31/2021
Traditional and Roth IRAs may be the king and queen of the retirement prom, but there are other great options that savers shouldn't ignore.Although there are lesser-known SEP,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 06/06/2021
The legislative arm of the government, known as Congress, is in charge of formulating the Internal Revenue Code (IRC), also known as the tax code. This tax code guides tax collection,...
Understanding Itemized Deductions We define itemized deductions as a series of expenses with which one can reduce taxable income on a tax return. It includes medical bills, interest...
A 401(k) plan can be an attractive way to invest because it gives employees the ability to increase their contributions before tax and tax-deferred income until retirement. According...
Getting a new car is an interesting process. New seats, new windows, the smell of a clean car - what's not to like about it? Buying a new car usually means getting rid of an existing...
It is no longer possible for the 2018-2025 fiscal years to claim accidental loss and personal property theft as itemized deductions unless your claim is declared as a federally declared...