As June steadily comes to a close, here's a snapshot of this week's newsworthy tax highlights to give you a head start on tax planning for the month ahead.
Last week the Supreme Court essentially upheld the Affordable Care Act (“ACA”), determining that the plaintiffs, which included several states and two individuals, lacked standing to challenge the constitutionality of the ACA’s individual mandate.
Entrepreneurs often spend money in addition to time in the pursuit of a successful business. They bear the risks and, in time, hope to enjoy the rewards. The question we are always asked is “can I deduct the expenses I’m incurring?”
The Internal Revenue Code is often used as a means of encouraging certain socially positive behaviors. Among these are charitable contributions generally and qualified conservation contributions.