Estimated income taxes in 2018

The most common question that I have been asked in the past month is, “What should I do with my estimated income tax payments for 2018 in light of the new income tax laws?” The answer that I usually give is, “Relax and do nothing differently than in 2017. For most people, the new income …

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Is Clothing Deductible?

One of the most common questions I receive is, "Is my work clothing deductible? I have to dress up for my job." The short answer is NO! When you go to work, you can't go naked, you have to be wearing clothes so they are not a deduction for income tax purposes. Even if you …

Section 179 Depreciation

If you are not familiar with Section 179 Depreciation, then you are in for a nice surprise. Section 179 is an incentive program designed to encourage small businesses to purchase tangible, personal property (no real estate) to make them more profitable in the coming years. The underlying reason for Section 179 is to stimulate economic growth …