The Importance of Business Tax Planning

The Importance of Business Tax Planning

In a 2001 tax court case, a family-owned junkyard was tried for deducting cat food off their business taxes.  They classified this expense under Section 162 as an “ordinary and necessary” expense. They ended up winning the case since the cat food brought in stray cats...
The Importance of Individual Tax Planning

The Importance of Individual Tax Planning

In 1993 Willie Nelson created an album called “The IRS Tapes: Who Will Buy My Memories” which was a creative accommodation the IRS allowed for him to pay back his $16.7 million tax bill. The trouble began when the IRS had deemed the tax shelters his accountants had...