Are Casualty and Theft Losses Deductible?

November 11, 2016

Casualty and theft losses can be tax deductible but are hard to claim. 

First you need to determine what is a casualty loss?

 A casualty is incurred if you have damage, destruction, or loss of property resulting from any sudden,...

Surviving Spouses as Sole Designated Beneficiaries of IRAs

October 03, 2016

Surviving spouses who are sole designated beneficiaries of a decedent's IRAs have two favorable options with respect to those IRAs that other beneficiaries do not.

Special options available to surviving spouses. Like any other...

Business or Hobby Income?

September 09, 2016

It’s important to distinguish between what is considered a hobby activity and what is considered a business activity for your tax return. For a business, you can deduct any expenses that occurred as long as the expenses are both ordinary and necessary...