Almost every business must invest in some major equipment, vehicles, machinery, or furniture in order to operate. Some businesses will require assets such as land, a building, patents, or franchise ...
If you've suffered the results of a theft, accident, fire, flood, or some other casualty during the year, you may be able to deduct some of your unreimbursed losses.
If you sell or dispose of property used in a trade or business, it must be reported on IRS Form 4797, Sales of Business Property. This form is divided into several sections, which are used for ...
If you want an automatic six-month extension to file your tax return, you can file Form 4868 by April 15. However, you must pay any tax you estimate will be due by April 15 or you may be subject to ...
If you were older than 59-1/2 before you received a lump sum from a qualified employee retirement plan, you may have some other options that can reduce your tax bill. To use any of these special ...
An activity is presumed to be engaged in for profit and not to be a hobby, if it is profitable in three out of five consecutive years. For a new business, this means that you don't have to show a ...
If you are an employer setting up a SEP plan, you should complete IRS Form 5305-SEP if you are eligible to do so. This form is intended to help you set up your SEP plan and it is not filed with the ...
Because some taxpayers, particularly wealthy taxpayers, have been so successful in their efforts to legally minimize their tax bills, Congress came up with another way to tax them: the alternative ...
The installment method can be used to defer some tax on capital gains, as long as you receive at least one payment for a piece of property after the year of the sale. It can't be used if the sale ...
If you made total noncash gifts over $500 for the year, you must complete and attach to your tax return IRS Form 8283. If any single gift or group of similar gifts was valued at over $5,000, you must ...
