Riki Shah

Riki Shah is a Senior Tax Accountant at CDH. http://www.cdhcpa.com

Tax Bite: A net operating loss on your 2014 tax return isn’t all bad news

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs (though of course the specific rules are more complex). If when filing your 2014 income tax return you’ve found that your business had an NOL, there is … Continue reading

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Tax Bite: Still filing a paper return? Be sure you understand the “timely mailed = timely filed” rule

The IRS considers a paper return that’s due April 15 to be timely filed if it’s postmarked by midnight on April 15. But dropping your return in a mailbox on the 15th may not be sufficient. For example, let’s say you mail … Continue reading

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IRS Makes it Easier for Small Businesses to Apply Tangible Property Regulations to 2014 and Future Years

WASHINGTON —The Internal Revenue Service today made it easier for small business owners to comply with the final tangible property regulations. Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are filling … Continue reading

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Tax Bite: Make sure you have proper substantiation for your 2014 donations

If you don’t meet IRS substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for … Continue reading

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Tax Bites: Be Sure to Deduct All of the Mileage You’re Entitled to

You probably know that miles driven for business purposes can be deductible. But did you know that you might also be able to deduct miles driven for other purposes? The rates vary depending on the purpose and the year: Business: 56 cents … Continue reading

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