Cost Segregation is a VERY BENEFICIAL tax angle used by real estate owners to ACCELERATE DEPRECIATION deductions. In the past it was primarily used by large accounting firms and larger clients. The ability for smaller building owners to utilize these techniques is now becoming popular. It takes an engineering study and an accounting firm that […]
Category: International Taxation
Disclosure Authorization
Client Disclosure Authorization Effective January 1, 2009, before we can present ANY of your information to outside parties for any reason, we must have your WRITTEN authorization in our files per Internal Revenue Code § 301.7216-3. We have our Authorization Form on the main website www.USATaxHelp.com […]
Bad Debt Expense
If you are on CASH BASIS, and you never rec’d payment, you have no write off because you only declare it when you receive it.. never received it, never declared it, no write off. If you are on ACCRUAL BASIS, then you declared the revenue when the invoice was generated. NOW, you can write off […]
Cash Basis vs. Accrual
In the Simpliest Terms…….CASH BASIS REVENUE means you declare it when you RECEIVE the money.ACCRUAL BASIS REVENUE means you declare it when you EARN the money (usually that is when the invoice is generated whether you receive a portion of the money or none at all at the time the invoice is generated). When you […]
How Long to Keep Records
How Long Do I Keep Records Our standard answers… 3 years is the Statute of Limitations for audit purposes (from the due date of the return or the filing, whichever is later). 4 years for Employee Records 6 years if there is a 25% understatement of income (accidental, misinterpretation of tax law, bookkeeping error, involved in one […]
Cash vs. Accrual Basis
In the Simpliest Terms……. CASH BASIS REVENUE means you declare it when you RECEIVE the money. ACCRUAL BASIS REVENUE means you declare it when you EARN the money (usually that is when the invoice is generated whether you receive a portion of the money or none at all at the time the invoice is generated). CASH BASIS EXPENSE means you expense it when you PAY it. […]