M. Dutton and Associates

M. Dutton and Associates Tax Reduction for You and Your Business. Creating Tax Shelters. How To Finance Your Retirement. Educating and Advising Federal Employee's Benefits Review.

01/01/2024

A Short Sale is the sale of an item before it is purchased. A person entering into a short sale believes the price of the item will decline between the date of the short sale and the date he or she must purchase the item to deliver the item under the terms of the short sale.

12/29/2023

"Life is like riding a bicycle. To keep your balance, you must keep moving." – Albert Einstein

12/28/2023

The donation of vehicles, boats and planes is often the most cited area where lack of contemporaneous documentation is a problem because these types of donations have a high estimated market value that changes from month to month. But timely, written acknowledgement from the charitable organization is also required for any donation of $250 or more.

12/27/2023

Fast Fact: “Net current assets” is the difference between current assets and current liabilities; another name for working capital.

12/26/2023

Risk clarification is the step in the life insurance underwriting process in which a company assesses and classifies an applicant’s risk of mortality.

12/25/2023

A ”Complex Trust” is a trust that is to be distinguished from a simple trust in the fact that it permits accumulation or distribution of current income during the tax year and provides for charitable contributions.

12/22/2023

There are many ways of going forward, but only one way of standing still. -Franklin D. Roosevelt

12/21/2023

Capital Expenditures are ordinary and necessary costs incurred to place an item of property, plant, or equipment in its condition for intended use; such amounts are included in the asset account.

12/20/2023

A Contingent Liability is a event that may or may not give rise to an actual liability because the outcome is uncertain; examples include lawsuits, environmental damage issues, and so forth.

12/19/2023

If you are like millions of taxpayers in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy, while others do not.

12/18/2023

If you are considering selling your home or have recently sold your home, there are possible tax consequences. The good news? Much of the gain on the sale of your home may be tax exempt. The bad news? If you sold your home at a loss, in all likelihood, there is not a deduction available to you.

12/15/2023

An investment in knowledge pays the best interest. -Benjamin Franklin

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41 Madison Avenue 31st. Fl
New York, NY
10010

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+12129517376

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