Dear Valued Client,

This edition of our client newsletter includes a reminder of the upcoming April 15 filing deadline, tips on business start up expenses, installment sales and much more.

Our goal is to provide you an unparalleled level of client service. If you see something that you want to talk about, please contact us to explore the possibilities. We rely on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!

 

Norman M. Golden, EA

Tax Filing Deadline Rapidly Approaching

Just a reminder to those who have not yet filed their 2014 tax return that April 15, 2015 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due.
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Will the Interest on Your Vehicle Loan be Deductible?

Whether or not the interest you pay on a loan to acquire a vehicle is deductible for tax purposes depends how the vehicle is being used (for business or personal purposes), the tax form on which the expenses are being deducted, and the type of loan.
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Writing Off Your Start-Up Expenses

Business owners – especially those operating small businesses – may be helped by a tax law allowing them to deduct up to $5,000 of the start-up expenses in the first year of the business’s operation. This is in lieu of amortizing the expenses over 180 months (15 years).
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Tax Break for Sales of Inherited Homes

People who inherit property are often concerned about the taxes they will owe on any gain from that property’s sale. After all, the property may have been purchased years ago at a low cost by a deceased relative but may now have vastly appreciated in value. The usual question is: “Won’t the taxes at sale be horrendous?”
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Family Home Loan Interest May Not Be Deductible

It is not uncommon for individuals to loan money to relatives for the purpose of buying a home. In those situations, it is also not uncommon for a loan to be undocumented or documented with an unsecured note. Interest on unsecured or unperfected qualified residence debt is not tax deductible.
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Local Lodging May Be Deductible

A business deduction is allowed for lodging when a taxpayer travels away from his or her “tax home.” A taxpayer’s tax home is generally the location (such as a city or metropolitan area) of a taxpayer’s main place of business (not necessarily the place where he/she lives).
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Installment Sale - a Useful Tool to Minimize Taxes

Selling a property one has owned for a long period of time will frequently result in a large capital gain, and reporting all of the gain in one year will generally expose the gain to higher than normal capital gains rates and subject the gain to the 3.8% surtax on net investment income added by Obamacare.
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How QuickBooks’ Custom Fields Can Provide Better Business Insight

QuickBooks’ customizability makes it flexible enough for countless business types. Custom fields are a big part of that.
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The Norman M. Golden, EA newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Norman M. Golden, EA, go to http://www.goldentax.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.

Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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Norman M. Golden, EA
Phone: 650-212-1040
Fax: 866-661-1041
www.goldentax.com
info@goldentax.com