…minimum tax (AMT), your hobby expenses are completely disallowed when calculating your AMT liability. Why is the hobby loss issue an IRS hot button? After applying all of the tax-law…
937.528.7247 | bvandeman@fhf-cpa.com We are excited to announce that Brett L. Vandeman has joined the Partnership at Flagel Huber Flagel. During Brett’s eight years at the Firm, he has been…
…option to deduct the loss on an amended return for the immediately preceding tax year. Amount of loss. Your loss is generally the lesser of 1) your adjusted basis in…
…50% of the cost of its entertainment and meal expenses, with certain exceptions. For example, you could write off 100% of the cost of a company outing for employees, such…
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose…
…establishing a single gross receipts threshold. It also increased the threshold to $25 million (adjusted for inflation), expanding the benefits of small business status to many more companies. For 2024,…
Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect ownership of…
…at rates that at least equal applicable federal rates (AFRs). Otherwise, adverse tax results can be triggered. Fortunately, the AFRs are lower than the rates charged by commercial lenders. It…
…the variety of work associated with my job and learning about the clients that I work with. Also, the team at Flagel Huber Flagel has been very warm and inviting…
…working on? The main day-to- day responsibilities that I have are completing tax returns for individuals and businesses. What do you enjoy most about working at Flagel Huber Flagel? I…
