Most of us engage in hobbies of some kind, whether it’s collecting Chinese restaurant menus or making birdhouses. At some point, your hobby may start earning you additional income. Later, if the time that you spend on your hobby increases,…
Congress enacted the Tax Cuts and Jobs Act (“TCJA”) in 2018, which created a five-year window for taxpayers to take 100% in first-year bonus depreciation on qualifying property. The Act allows you to deduct 100% in bonus depreciation for any…
It is a logical and desirable course of action for any business owner to put more than a little effort into minimizing their tax liability. However, business owners are often unaware of all the business tax deductions available under the…
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At Thorgood Law Firm in New York, we are IRS attorneys dedicated to bringing legal counsel to taxpayers across the United States.
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