Family Home Loan Interest May Not Be Deductible

It is not uncommon for individuals to loan money to relatives to help them buy a home. In those situations, it is also not uncommon for a loan to be undocumented or documented with an unsecured note, and the unintended result that the homebuyer can’t claim a tax deduction for the interest paid to their […]

Local Lodging May Be Deductible

A business deduction is allowed for lodging when a taxpayer travels away from his or her “tax home.” A taxpayer’s tax home is generally the location (such as a city or metropolitan area) of a taxpayer’s main place of business (not necessarily the place where he/she lives). The traveling away from his or her tax […]

Installment Sale – a Useful Tool to Minimize Taxes

Selling a property one has owned for a long period of time will frequently result in a large capital gain, and reporting all of the gain in one year will generally expose the gain to higher than normal capital gains rates and subject the gain to the 3.8% surtax on net investment income added by […]

How QuickBooks’ Custom Fields Can Provide Better Business Insight

QuickBooks’ customizability makes it flexible enough for countless business types. Custom fields are a big part of that. QuickBooks makes it possible for your business to create very detailed records for customers, vendors, employees, and items. In fact, you may find that you rarely make use of every field each contains. But you may also […]