Entries by Gentry CPAs

Benefits Of Helping Parents

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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 […]

All About Company Cars

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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. […]

Special tax breaks in your own business

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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 […]