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Author Archives: Peter G. Robbins, CPA

Art poses difficulty in depreciation

Q: We are redecorating two of our offices in Boise and have purchased quite a bit of new furniture and artwork. I know we can expense or depreciate the furniture, but can we also either expense or depreciate the artwork? ...

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Self-employed must withhold their own taxes

Q: I am starting a new sales job and I am being treated as an “independent contractor.” I’ve been told I will now be subject to SE tax. What exactly is SE tax and how do I pay it? A: ...

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Talking Tax: Employee discounts can be taxable income

Q: I have a small dental practice in Twin Falls. One of my dentist friends was recently audited by the IRS, and she and her employees had to pay additional tax because the employees and their families paid less than ...

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Employers should adjust high-income withholding

Q: Your column a few weeks ago mentioned the new 0.9 percent Medicare tax that will begin next year. Our company has a number of employees who have salaries near or more than the $200,000 threshold and some that are ...

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Gifts don’t count as income

Q: My mother and father gave me a gift of $30,000 cash. Do I need to report this as income on my next tax return? A: No, you don’t. Gifts are not considered income to the recipient, and you do ...

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Internal controls protect company assets

Q: I own a small business with just a few employees including my longtime bookkeeper. While I have known her for years and trust her completely, I keep hearing of the importance of internal controls. I spend most of my ...

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Cost segregation study can mean cash flow savings

Q: My family owns and operates a small winery in the northern part of the state. We are considering building a new building that would include a tasting room, manufacturing facilities and office space. What are the tax savings opportunities ...

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Talking Tax: Plan now for impending tax changes

Q: I have heard that the Supreme Court’s decision to uphold Obamacare will mean people without health insurance will pay more in taxes. How will this new tax work? A: The Patient Protection and Affordable Care Act, and the Health ...

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Talking Tax: Charitable deductions depend on type of gift (access required)

Q: I recently volunteered at a gala event that benefited a Boise area arts group. I made a cash donation, but also bought a few tickets to the event for some friends, donated a case of wine for the silent ...

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Talking Tax: AMT can apply to businesses

Q: I received a letter from the IRS saying the small lumberyard I own owes some AMT tax. My company has struggled a bit during this down economy and I don’t understand why I would owe more. Can this be ...

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