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When is a deduction not a deduction?

When is a deduction not a deduction?

What does De Sylva v. Commissioner of Internal Revenue mean for entrepreneurs? You could call it a cautionary tale. In 2004, Robert De Sylva of California bought a boat with the intent of modifying it with a helipad and renting it to people wealthy enough to want to...
Start Planning for Next Year’s Taxes Today

Start Planning for Next Year’s Taxes Today

It might be too late to do anything about this year’s tax bill, but that shouldn’t stop you from planning ahead to minimize taxes on your small business income going forward. Before we get too deep into the current year, take some time to plan ahead to keep your...