Seven Lessons You Can Learn from Your Tax Return
Your Tax Return: A Powerful Financial Tool Your tax return isn’t just a yearly obligation—it’s a powerful tool for understanding and improving your financial picture. Here are seven valuable lessons your tax return can teach you: 1. Keep Good Records for Itemizing Your Deductions Did you take the standard deduction last year just because it […]
Navigating Partner Business Expenses: Guidelines and Tax Implications
It’s common for partners to cover expenses related to their partnership’s business operations, particularly in service-oriented partnerships like architecture or law firms. These expenses might include entertaining clients, transportation for meetings, professional publications, continuing education, or home office costs. But how are these expenses treated for tax purposes? Let’s break it down. Reimbursable Expenses: Partners […]
