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Sherry S. Borshoff, EA

Casualty, Theft, & Disaster Loss | What Can You Deduct?

Casualty, Theft, & Disaster Loss | What Can You Deduct?

Going through a natural disaster is never a good thing, but you might be able to deduct the casualty, theft, and disaster losses you incurred on your annual tax return. To claim the deduction, you must meet certain requirements and follow specific rules as per the IRS. Since the process can get confusing, it’s recommended

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Top 10 Retirement Savings Tips You Should Know

Top 10 Retirement Savings Tips You Should Know

Retirement planning can be frustrating, scary, and overwhelming. That’s why it’s crucial that you are aware of the best retirement savings tips when planning, investing, and saving for retirement. You want the greatest results when you decide to retire! Some of the key things you should be doing at any age include retirement planning, investing

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How to Create a Mileage Log (Your Step-by-Step Guide)

How to Create a Mileage Log (Your Step-by-Step Guide)

Fleet management is accompanied by lots of paperwork and may involve Hours of Service (HOS), CDL (Commercial Driving License) licenses, inspections, training, mileage, etc. Due to compliance regulations, these things are mandatory. Knowing how to create a mileage log can be very beneficial to you. When making calculations for your CSA (Compliance, Safety, Accountability) scores,

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What is the Modified Adjusted Gross Income (MAGI)?

What is the Modified Adjusted Gross Income (MAGI)?

The Internal Revenue Service (IRS) uses the Modified Adjusted Gross Income (MAGI) as a measure to determine whether a taxpayer qualifies for certain contributions or deductions to a Roth IRA (Individual Retirement Account). MAGI also determines if a taxpayer qualifies for certain income tax credits and education tax benefits. In simple terms, it denotes your

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7 Things the IRS Doesn't Want You To Know cover

7 THINGS THE IRS DOESN'T WANT YOU TO KNOW

Download our guide to ensure you know everything you need to and are prepared to deal with the IRS.