Make a Payment Hamilton - 513.868.8600
Oxford - 513.523.6664
West Chester - 513.860.3502
Make a Payment Hamilton - 513.868.8600
Oxford - 513.523.6664
West Chester - 513.860.3502
January 25, 2013
Deductible business expenses are those which are “ordinary and necessary” and are incurred or paid during the taxable year in “carrying on” any trade or business. Both these criteria must be met for an expense to be deductible.
An “ordinary” expense is one that is common and accepted in the industry. These are expenses that are needed to run a business and are usually frequent and ongoing.
A “necessary” expense is one that is helpful and appropriate for the trade or business. The term necessary for tax purposes has a wider definition than that found in everyday usage. Necessary does not mean that an expense has to be indispensable.
In addition, the ordinary and necessary bus...
January 4, 2013
Clients inquiring about assurance or audit services, often assume that their organization requires a financial statement audit. This assumption is made without fully understanding all the available assurance services that a CPA can provide. A CPA may compile, review o...
October 23, 2012
An increasing number of IRS employees/agents are showing up at taxpayers’ homes and businesses unannounced and unscheduled. The doorbell rings and there he or she is. What do you do? What to do? This can be very intimidating and unnerving to the taxpayer.
First, you need to be aware...
October 1, 2012
Identity theft is what happens when someone uses another person’s personal information without their permission to commit fraud or other crimes. Usually it involves using the victim’s name, Social Security number or other personal information. It not only involves using th...
September 21, 2012
Income Tax Reform – creates a strong response in everyone doesn’t it? There are currently several commercials airing by the presidential candidates that attack the other candidate’s plan. What should American voters’ response be rather than, “It’s a...
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