Deducting Business Auto Purchases in 2018

Automobiles are a necessary business expense for countless types of businesses. From farms to retail companies, vehicles are often purchased solely for the purpose of getting the job done. And while we’ve discussed deducting annual vehicle expenses, deducting the actual purchase of a vehicle is another matter altogether. With the...

Traditional IRA vs Roth IRA: Which Should You Contribute To?

Deciding to contribute to a retirement account is almost always a smart choice. But which type of account is the best investment for your particular situation? The answer to this question depends on a number of factors, and it is always best to seek professional assistance from someone who fully...

Tax-Related Identity Theft: What to Know and What to Do

Identity theft can happen at any time of the year, but it’s especially common around tax season. Tax filers use a lot of sensitive information to submit their returns, and identity thieves often find ways to steal this information for their own personal gain. If you’ve become the victim of...

Claiming Deductions for Non-Cash Charitable Contributions

The majority of clients we assist with tax filing and planning claim a deduction for charitable contributions. This deduction is fairly simple to claim if you make only cash-based donations to charities and other qualifying non-profits. However, if you make any non-cash donations—either of physical items or of stocks—this deduction...

The Importance of Paper Trails for a Business Tax Return

Most of our clients at Biesinger & Kofford CPAs use QuickBooks to keep track of their business expenses. This is an excellent program to use and recording every expense for your business is an important step towards keeping appropriate records for your tax return. However, it is only the first...