Parents Supported By More Than One Child: Who Takes Deduction? When brothers and sisters support a parent, plan things so that one of them can deduct the parent’s medical expenses. Here’s how: File a multiple-support declaration (Form 2120). Where several people contribute, this form designates the one who can take the exemption. If they pay […]
About Steve Gentry
Gentry & Buffington CPAs provides financial services to both individuals and businesses. We give the same attention to all clients, no matter how large or small. The accounting, tax preparation, and other financial services we provide are tailored to the unique needs of each client, ensuring the possible results and maximized returns. Our firm remains on the cutting edge of tax law and financial trends. We are well-informed and continually adapt to the ever-changing world of tax law and accounting.
When a company provides an automobile for an executive, it must keep very detailed records concerning business use of the vehicle in order to prevent the car’s value from being included in the executive’s income. Methods used by some companies in the past to address these recordkeeping requirements haven’t worked as well since Tax Reform. […]
Since the drastic changes made by Tax Reform, the best source of tax breaks is your own business. Business owner’s tax advantages: Fully deductible business expenses. For the self-employed, business expenses are deductible in full directly from gross income. Employees may deduct their business expenses only if they are itemized, and the deduction is reduced […]