News - John R. Dundon II, Enrolled Agent
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For income tax depreciation purposes there are two major types of assets: Sec. 1250 real property and Sec. 1245 personal property. When owners acquire commercial property or tenants invest in leasehold improvements, many only allocate the purchase price between land (non-depreciable) and building (depreciated as...

Moving Expenses- If you are a member of the Armed Forces on active duty and you move because of a permanent change of station, you can deduct the reasonable unreimbursed expenses of moving you and members of your household. Combat Pay- If you serve in a...

Start with the cost basis of each asset along with a fair market value (FMV) of each asset both before and after the disaster.  Be prepared to substantiate.  The next piece of data needed is the amount of reimbursement you will receive from your insurer. ...

Losses incurred because of a casualty, disaster, or theft may be tax-deductible. Casualty and theft losses are reported on Form 4684 and Form 1040 Schedule A. Casualty Loss A casualty is the loss of property (including damage and destruction) because of a sudden event. The event must...

Affordable Care Act was enacted on March 23, 2010. It contains some tax provisions that take effect this year and more that will be implemented during the next several years. The following is a list of provisions now in effect; Therapeutic Discovery Project Program This program is...

This credit – still available for 2010 – equals 6.2 percent of a taxpayer’s earned income. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers. Eligible self-employed taxpayers can benefit from the credit by evaluating their expected...

Robert purchased a new heavy duty pick-up truck (rated over 6,000 lbs.) for use in his landscaping business. The vehicle is used 100% for business and Robert elected to expense $15,000 of the cost under §179. In 2009, Robert sold his landscaping business and...

First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and S corporation. The type of...

ALWAYS use the form that matches the year you are amending. For example, if you are amending a 2009 return, use the 2009 104X form. If you use a form for another tax year, the lines from one tax year to another are...

Did you know that you may be able to deduct some of your job search expenses on your tax return? If you are searching for a job, you may be able to deduct some of your expenses on your tax return. Here are six...

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