Spencer Law Firm LLC
717.207.7935 866.639.5451

June 2014 Archives

Who Has to Send 1099s? Do you?

If you are in business, whether self-employed or running a company, you must send a 1099 form (with copies to the IRS) to anyone that you pay money to, unless they meet one or more of the following exceptions:

"Rent-to-Own" - How Does It Work?

"Rent-to-own" is a way of acquiring an asset - most often a principal residence. Usually, a rent-to-own agreement is a lease with an attached option. The landlord sells the tenant an option to buy the property at a fixed price at some point in the future. There may be a small down payment of some "option money." A portion of the monthly rent payments are credited to the tenant as part payment of the purchase price. This can be useful for a tenant who has trouble getting a down payment together (but can afford to put away a little bit each month) or a buyer with credit issues that they're working out (who expects to be in a position to buy within the option period).

Why Not Use Your IRA to Invest in Real Estate?

Abysmal returns from stocks, bonds and mutual funds have some people turning to alternative investments like gold or real estate. Investments such as art, antiques, precious gems, stamps, coins and other collectibles are not permissible investments for an IRA under any circumstances.

The Business Trip - Is Your Vacation Deductible?

The cost of a pure business trip is 100% deductible. Unreimbursed hotel, airfare, car expenses, cleaning, telephone, tips, are all 100% deductible as well. Up to 50% of the cost of meals are deductible. In general, travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job.

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Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

Toll Free: 866-639-5451
Phone: 717-207-7935
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