By Kenneth H. Bridges, CPA, PFS February 2017
Let’s assume you have a tract of land which could potentially be developed into a residential subdivision, but you don’t want to ever see the land developed, desiring for it to forever …
By Kenneth H. Bridges, CPA, PFS November 2016
Late November through year end is the time for year-end tax planning. This year, with potential major tax legislation coming in 2017, it is more important than ever. While every client’s situation …
By Kenneth H. Bridges, CPA, PFS November 2016
With the Republicans in control of The White House and Congress, the stage could be set in 2017 for the most significant tax legislation we have seen since The Tax Reform Act …
By Kenneth H. Bridges, CPA, PFS February 2016
“How long do I need to keep our old tax returns and related documents?” This is a question I get often; and it is a simple question for which there is no …
By Kenneth H. Bridges, CPA, PFS July 2015
For income tax purposes, a net operating loss can be carried back 2 years or forward up to 20 years. While less than perfect, this provision tends to mostly smooth out the …
By Kenneth H. Bridges, CPA, PFS July 2015
In order to be deductible as a business expense, an expense must be ordinary and necessary and be incurred in an activity engaged in for profit. Under the “hobby loss” rules, there …
By Jacquelyn J. Brown, CPA July 2015
The Affordable Care Act included a new 3.8% Medicare tax on net investment income which first took effect for 2013. “Net investment income” for these purposes includes most interest, dividends, rents, royalties, capital …
By Kenneth H. Bridges, CPA, PFS March 2015
Georgia has a tax credit program which permits individuals and businesses to receive a credit against their Georgia tax for contributions to qualified student scholarship organizations (SSOs). An SSO is a 501(c)(3) …
By Kenneth H. Bridges, CPA, PFS March 2015
At Bridges & Dunn-Rankin, we have not yet started accepting bitcoin for payment of our fees, but it is estimated that over 80,000 businesses do now accept it.
Bitcoin is an online …
By Kenneth H. Bridges, CPA, PFS March 2015
Real estate has always received very favorable treatment under our tax laws. For your residence, you get to take deductions for the interest and taxes, and then, when you sell it at …