The Tax Cuts and Jobs Act has been passed by Congress and President Trump should be signing the bill into law by the end of the week. Merry Christmas! The new tax bill is hundreds of pages long and while ...
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October 10, 2014
Comments Off on Talking Tax: Depreciations on office space
Q: I have a few questions about my office finish out and the tax treatment of some of my expenditures as I expand my office space. I am expecting to pay around $17,000 for improvements to the office (a couple ...
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September 25, 2014
Comments Off on Talking Tax: What are the tax implications when we begin renting out our former home?
Q: We are considering purchasing a new home. We are also considering keeping our current home and renting it. We have a small mortgage and regular taxes on this property, both of which are currently deducted on our return, and ...
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Q: I am in my car for business purposes a lot, but I have always been confused about what I can and can’t deduct on my tax return. Can you offer any guidance? A: Taxpayers are all over the board ...
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Q: My husband has always wanted to have horses so recently we purchased a six-acre property that we will be moving to shortly. My husband is now talking about making horses a business even though he is not going to ...
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Q: I recently retired and need to take my retirement money out of my employer’s ESOP. I assume if I don’t put this into another retirement account that it will all be taxable to me. But some of my employer’s ...
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Q: My husband and I are starting up a new home inspection business. What are the most important tax aspects we need to be aware of? I have been reading up on SE taxes, etc, but I am just not ...
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Q: I run a small business in Boise and have five employees. To keep costs down I offer a medical insurance plan with a high deductible, so I also give my employees a little extra cash (up to $1,000 per ...
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Q: I have a few questions regarding a trust my Mom set up for me. It was created upon her death and I am the sole beneficiary and the sole trustee, with virtually no limitations on what I do with ...
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Q: My wife and I went to Las Vegas recently and actually won some money (for the first time ever). I assume we will be required to pay tax on this, but can we deduct the cost of our trip ...
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