by john.broadfoot@tjtpa.com | Nov 10, 2013 | Blog
A recent court case was decided that may affect many of our clients who work in the homebuilding industry. The U.S. Tax Court ruled that a custom homebuilder is subject to the uniform capitalization rules in the same way that a speculative homebuilder is. The Court...
by john.broadfoot@tjtpa.com | Oct 11, 2013 | Blog
On September 13, 2013, IRS issued long-awaited final regs providing guidance on the updated repair regulations issued earlier this year. These important new regs will affect virtually all taxpayers that acquire, produce, or improve tangible property. The final regs...
by john.broadfoot@tjtpa.com | Oct 10, 2013 | Blog
Qualified tuition programs (QTPs), also known as 529 plans, offer substantial tax benefits. Investment earnings inside such plans avoid income tax. In addition, distributions from 529 plans to cover qualified higher education costs are tax-free. However, you’ll lose...
by john.broadfoot@tjtpa.com | Oct 9, 2013 | Blog
Deducting legitimate expenses for a home office isn’t easy, but it can be done. Millions of taxpayers (including self-employed individuals and business owners) claim such deductions each year. Moreover, the process may be easier for 2013 and future years, thanks to an...
by john.broadfoot@tjtpa.com | Sep 17, 2013 | Blog
Among consumers, leasing cars is increasingly popular. According to Experian Automotive, a data provider, a record 27.5% of new cars financed in the first quarter of 2013 were leased, compared with 24.4% one year earlier. Thus, if you provide company cars to one or...
by john.broadfoot@tjtpa.com | Sep 14, 2013 | Blog
As the memory of the financial crisis recedes, the real estate market shows signs of recovery. You may believe excellent investment opportunities exist now—and that might be the case. Nevertheless, you may be reluctant to buy investment property. Inexperienced...
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