CPA Blog

CPA & Accounting Topics for Business

What Makes a Gift Taxable?

What Makes a Gift Taxable?
Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies. Most gifts are not subject to the gift tax. Here are seven tax tips about the gift tax and giving: Nontaxable Gifts . The general rule is that any gift is potentially...
Continue reading
  532 Hits

Maximize Your Meal Tax Deductions

Maximize Your Meal Tax Deductions
One of the most misunderstood business tax deduction is meals. Many of my clients - including myself like to entertain. Whether it's taking a business client to lunch or throwing a party for our employees - networking and building relationships is important to a small business. However, sometimes these activities can...
Continue reading
  879 Hits

This Spring's Special Tax Tip... How to Deduct Having Fun!

Today is the start of the first day of the 2012 Shell Houston Open played at Redstone Golf Club. The "SHO" as it is referred to, is an annual PGA Tour event that raises millions of dollars for charities. It is held the week before The Masters golf tournament that is arguably the biggest golf tournament of them all. Thousands of golf fans attend the SHO but few of them know that their business can actually deduct 100% of the cost of the ticket on their tax return.

How can you do that when entertainment deduction is limited to 50% of the cost?

The SHO is what is referred to as a qualified charity event. A qualified charity event must be

  1.  A sporting event
  2.  Gives all its net proceeds to 501 (c) (3) charities
  3. And uses volunteers for substantially all the work performed in carrying out the event.
Continue reading
  837 Hits

Tax the Other Guy, Too!

Tax the Other Guy, Too!
Did you know that 46.9% of all people who file tax returns pay no taxes at all? Did you know that people who represent the top 10% of wage earners (adjusted gross income of $112,124) pay 70% of the taxes? Yes it is true. Almost ½ of all people who file...
Continue reading
Tags:
  832 Hits