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Can You Explain The IRS Rules Around Completed Contract Accounting Methods?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

It is possible for a contractor engaged in a long-term project to carry such "work in process" at cost until it is completed, accepted by the purchaser, and the full profit can be calculated. This is referred to...   Read More
User Photo Manasa Nadig
Tax Professional Level: Tax Enthusiast

The Annual Gift Tax Exclusion has not gone up from 2011, it will remain at $13,000 a year per donee (person who receives the gift) for 2012. The exclusion for a Married couple will be $26,000 a year per donee....   Read More
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Making the assumption that you and your husband are both US citizens, you will need to file a federal income tax return annually just as you have in the past. Since you will be working outside the US you may...   Read More
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User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

At this point there isn't really a good answer to that question since Congress went into election recess without making any decisions. Based on recent history I really don't expect any firm answers until the end...   Read More
User Photo William Keats
Tax Professional Level: Master Tax Advisor

The best time to purchase tax software is May, when the vendors give a 10% or more of a discount. Waiting until after January of a following year will lead to higher costs. Also purchasing the software early, and...   Read More
User Photo William Keats
Tax Professional Level: Master Tax Advisor

Usually, the cost of leasing equipment for business purposes is fully deductible if 100% business. However, as far as tax software is concerned, I never heard of anyone leasing it. Purchase the software and...   Read More
User Photo Christopher Royer
Tax Professional Level: Tax Enthusiast

If you are a self-employed individual and you incur expenses related to your business, those expenses generally can be deducted. The requirement to file a 1099 does not limit your ability to deduct those expense....   Read More


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