Interest rates in general have fallen sharply by 25-35 basis points in recent days. This reduction in interest rates offers owners of both “owner occupied” and “investment” properties the opportunity to lock in a favorable rate on either a new…
Mortgage lenders have recently become more aggressive in seeking out residential mortgage loans. At the same time, interest rates in general, including those on residential mortgages, have fallen sharply. The willingness to make mortgage loans combined with these lower interest…
In its attempts to narrow the “tax gap” between what taxpayers report and what they legitimately owe, the IRS is cracking down on taxpayers who fail to report taxable income. For one married couple, the IRS claimed the value of…
After years of work, the IRS has finally issued regulations clarifying for the business community when costs related to fixed assets must be capitalized and when they can be expensed. To expense or capitalize? What’s the difference? Generally, the cost…
Reimbursing and substantiating business travel expenses can be a cumbersome, time-consuming process. Here’s how it traditionally works. Employees collect receipts as they travel and maintain records that note the time, place and business purpose of each expenditure. Then, they submit…
Retailers often find accounting for merchandise inventory challenging and time-consuming, especially when they carry many different types of products. The retail inventory method simplifies the process by allowing taxpayers to approximate ending inventory without necessarily taking a physical inventory count….
The purchase of industrial machinery and equipment may benefit from a sales and use tax exemption. To qualify, the machinery and equipment must be used at a fixed location in Florida by an eligible manufacturer that will “manufacture, process, compound,…
Part II: How to De-Complicate Strategy Strategy shouldn’t be something so complex it requires a weekend and a highlighter to comprehend. It also shouldn’t be left on the shelf, locked away in paragraphs upon paragraphs and pages upon pages of…
Normally, a taxpayer may qualify for home office deductions when he or she uses a separate room or clearly divisible space strictly for business purposes. But what if your place is so small that you can’t avoid at least some…
Part I: How to Turn Strategy into Action The mere mention of strategy often evokes images of long discussions, debates over the semantics of a mission statement and whether or not you’ll be able to enact your vision. Yet the…
