Category: SR Client Questions
Client Question: Do I need to keep business expense credit card receipts?
With the increase in audits (both federal and state) over the past year, knowing what documentation is needed in the case of an audit is essential. Many businesses think that a credit card statement is sufficient in proving a business...
SR Client Question: Do I need to pay tax on money I give as a gift to someone?
If you gave money or property to someone as a gift, you might owe federal gift tax. Many gifts are not subject to the gift tax, but the following are eight ways to identify if you might owe a gift...
SR Client Question: Can an LLC Own Shares of an S Corporation?
An S corporation has strict limitations on who can own stock that are imposed upon it by the Internal Revenue Code (IRC) Section 1361(c), which provides that an S corporation can only have shareholders that are individuals or certain trusts...
SR Client Question: What is the “Fiscal Cliff”?
The term “fiscal cliff” has been all over the news lately. But what does it really mean? The fiscal cliff refers to a group of pending tax law changes and the effect it will have on the average household. For...
SR Client Question: How much can I deduct for a leased car on my tax return
When a taxpayer leases a vehicle and uses it in a trade or business, the taxpayer may deduct the lease expense based on the proportion that it is used for business. For example, if a business owner uses a leased...
SR Client Question: Can I deduct employees’ Business Travel and Entertainment Expenses?
Although the computer age and modern telecommunications have reduced the need for in-person contact, it is still sometimes necessary for businesses to send employees out of town on business, or to entertain clients and customers. How travel and entertainment expenses...
SR Client Question: Are employee meal breaks mandatory?
Employee meal breaks are generally required for most employees (although allowing your workers to eat suspended in the air on a steel truss is not recommended!). Familiarity with your state’s meal break regulations or even the regulations under the Fair...
Client Question: What happens when you walk away from your home?
No one wants to be faced with the decision of walking away from their home. However, it is important to know what you can expect and the things you need to consider in case you are ever faced with this...
Client Question: What is the difference between a Dependent and an Exemption?
While every individual tax return is different, some tax rules affect every person who files a federal income tax return. These rules include dependents and exemptions. Below are some simple facts about dependents and exemptions that will help you determine...
Client Question: When Should I Start Taking Social Security?
When you have been working for a long time, you generally start looking forward to retirement. You know you are eligible for Social Security benefits, and you have been thinking about when you should start taking the income you have...