by Pedro Gonzalez, CPA | Oct 25, 2018 | Tax, Tax Planning & Preparation
Qualified medical expenses are deductible to the extent that they exceed 7.5% of your adjusted gross income (AGI) for 2018 and 2019. Starting 2020, the deductibility threshold increases to 10% of your AGI. AGI is the bottom number on the first page of your...
by Pedro Gonzalez, CPA | Dec 26, 2017 | Tax, Tax Advantages
The IRS has provided two general purpose safe harbors for claiming a casualty loss related to a personal residence and its contents (in Revenue Procedure 2018-8), as well as one tailored for the hurricanes that took place in 2017(Revenue Procedure 2018-9). In a...
by Pedro Gonzalez, CPA | Nov 17, 2017 | Entrepreneurship, General Business, Tax Planning & Preparation
Discover Four Benefits of the Safe Harbor Expensing Rules For 2018, you can elect the de-minimis safe harbor to expense assets costing $2,500 or less ($5,000 with audited financial statements or something similar). The term “safe harbor” means that the...
by Pedro Gonzalez, CPA | May 10, 2017 | General Business, Tax
This is another story from the war zone. This is not a new subject, it has been covered many times by myself and many other tax professionals; the importance of good record keeping. However, it seems not to be at the top of the priority list of business owners...
by Pedro Gonzalez, CPA | Apr 9, 2017 | Tax Credits, Tax Planning & Preparation
Tax Day is on Tuesday, April 18th this year due to a Federal Holiday. I know there are some of you out there who have not filed your tax returns yet. If you are one of them, this article is for you. Here will we explore three areas of your tax return that will...