During tax season, many of our clients ask about what records they should keep for capital gains and losses. Before the 2011 tax year, it… Read More

KIM & ASSOCIATES PA·TUESDAY, JUNE 7, 2016 On May 18, 2016, President Obama announced the Department of Labor’s final rule updating the overtime regulations. The… Read More

KIM & ASSOCIATES PA·WEDNESDAY, MARCH 9, 2016 As a taxpayer, you are generally entitled to a personal exemption of any of your children for whom… Read More

KIM & ASSOCIATES PA·WEDNESDAY, FEBRUARY 24, 2016 In General The Internal Revenue Code [ §217] allows individuals to deduct reasonable moving expenses paid or incurred… Read More

The tax laws permit you to deduct a debt that becomes worthless. Nonbusiness debts are treated as short-term capital losses, and restrictions apply to their… Read More

We are often asked whether legal fees for divorce representation are deductible on a tax return. The answer is: it depends. Most of the legal… Read More

Expenses incurred in starting a business are treated as capital expenses and are a part of your basis in the business. As a result, you… Read More

We are often asked whether certain payments are deductible as trade or business expenses. In this article, we will attempt to briefly summarize the guidelines… Read More