Under the IRS rules, a taxpayer is allowed to deduct expenses related to business use of a home, but only if the space is used “exclusively” on a “regular basis”....
Posted by East Harlem Tax Service on 05/23/2015
It might seem like a no-brainer to define just exactly what profit and loss are. But of course these have definitions like everything else. Profit can be called different things,...
Posted by East Harlem Tax Service on 05/23/2015
All businesses are required to report sales and income over a taxation year. Profits = Sales – Expenses Net Income = Profits – Taxes Categories included in an income...
Posted by The Accounting and Tax on 05/07/2015
Living a good life can be owning a home, owing a business, being debt free, driving a high end car or having a good investment portfolio. These goals are achievable with a strong financial...
Posted by The Accounting and Tax on 03/10/2015
Gross income comes from following categories of income: Interest, Dividends, Personal Services, Rentals, Royalties, Gains from disposition of property. Leasing generates rental income....
Posted by The Accounting and Tax on 03/05/2015
Saving tax dollars is an art. Filing taxes in time can save you from penalties. Making timely tax installments can also save you from penalties. In Canada, personal tax return is...
Posted by The Accounting and Tax on 02/26/2015
Income of a Taxpayer Salary, wages, remunerations, for services and gratuities received by a taxpayer are all considered as income of a taxpayer. These types of incomes are taxable...
Posted by The Accounting and Tax on 02/09/2015
Code Section 7701 (a)(30) U.S citizens are U.S Persons and Citizens of foreign countries are U.S Persons who meet either of the following two tests: Green Card test Substantial...
Posted by The Accounting and Tax on 12/28/2014
The following items are included in income of taxpayer for a taxation year: Alimony or maintenance payments (s. 56(1)(b) and s. 56(1)(e)) Allowances for personal, living, or any...
Posted by The Accounting and Tax on 12/27/2014
