Depreciation is a deduction from income tax that lets your firm recover the cost of property. Read on to see how the IRS allows for the wear and tear, deterioration or even obsolescence of items. The depreciation of tangible property — buildings, machinery, vehicles, furniture, equipment and even cell phones — as well as intangible […]
Archives for November 2019
4 income tax filing mistakes that could land you in tax trouble
Thinking of preparing your own income tax return this April? You might want to reconsider. Even the slightest oversights might mean hefty fines and penalties that could have been avoided. Watch out for these four mistakes before hitting the “submit” button. #1 Neglecting to report all of your income. Whether it’s your regular paycheck, a […]
Understanding the tax implications of out-of-state workers
Here in the tri-state area, where it’s a relatively easy commute from Connecticut or New Jersey to Manhattan, for example, it’s quite common for Magone & Company clients to have employees who reside out of state. And with remote workers becoming more common, you may have more employees who live across the country rather than around […]