Search results

Repairs versus Improvements: New Business Rules for Deductibility The IRS and Treasury have issued long-awaited, comprehensive regulations on the capitalization of amounts paid to acquire, produce or improve tangible property. The regulations, released at the end of 2011 and effective...

Naming Your IRA Beneficiary – More Complicated Than You Might ExpectThe decision concerning whom you wish to designate as the beneficiary of your traditional IRA is critically important. This decision affects the minimum amounts you must withdraw from the IRA when you reach age 70-1/2, who will...

Bunching Your Deductions Can Provide Big Tax Benefits If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only marginally, you may benefit from using the “bunching” strategy. The tax code allows most taxpayers to utilize the standard...

Teal Dance, Your Accountant is correct. If you are a Single Member LLC the Entity is considered a Non-passive business Entity. and is used as if you are Self-employed. The LLC is exactly what it states, it is limited to the amount of monies, or assets that you put into the business. and if...

Does The Tax-Home Rule Destroy Your Business Travel and Home Office Deduction Question I recently took over an insurance agency office that is over 60 miles away from my home. We do not want to move to the other city as are our children a good school system and have a lot of friends, and...

Inflation Adjustments for Tax Rules in 2012 Details Written by Sidney Kess, CPA, J.D., LL.M. Tax rules change annually due to legislation, court decisions, and cost-of-living adjustments (COLAs) to key tax limits and other items. There are over three dozen COLAs made annually, based on the...

Tax Changes for 2012 and 2013 Resulting from Health Care Law DetailsWritten by Sidney Kess, CPA, J.D., LL.M. Of Counsel, Kostelanetz & Fink, LLP, New York, NY The U.S. Supreme Court declared the individual mandate in the Patient Protection and Affordable Care Act of 2010 (“Affordable Care...

Re: Tolls Hi All, I have been out of the office with IRS updates since the Expo, and since this is a Major topic, it should be as follows. 1. If you turn in the receipts to be reimbursed, then is or will be included in Income on your 1099's. and the tolls are not deductible at all 2. If...

If you are a Single o/o and have only 1 Sch C, then between 200, and $300 is about average, If yiou are a Husban & wife team, 2 sch c' must be made out with the total 1099 Misc income split down the middle and all expenes also become split evenly, this law hhas been on under IRS laws since...

Re: Tolls zorry, it doesnt not work thet way, sorry , but the dedeuctiuon is not allowed

Re: Tolls That is correct, you cannot claim them as a deduction

Re: Tolls hi all, The best thing to do is not to rutn them in and keep them for yourself, it then becomes a full deduction on your SCH> C. Each Company is different, they definity can include it in your 1099 income, even though they are reimbursing you. My suggestion is keep them for...

Hi CrisGA23. If you are just going to use it to play games on, it is "NOT DEDUCTIBLE" YOU MUST USE IT FOR BUSINESS PURPOSES ONLY, BUSINESS CHECKING ACCOUNT, AND LISING OF ALL YOUR EXPENSES. i WILL/AND CANNOT TELL YOU THAT IT IS A BUSINESS EXPENSE, OTHERWISE i WOULD BE MISREPRESENTING MYSELF...

Debtors’ taxes are not discharged in bankruptcy where tax return was filed late A federal appeals court held that bankrupt debtors who filed their income tax return 17 months after their income taxes were assessed were not entitled to have those taxes discharged in the bankruptcy proceeding...

The Expo would be deductible for your Per Deim (Reimburment for Food only) cause you are on the road, and part of being away from your place of abode. The EXPO is Free and so are the seminars that they give, so there is actually no additional expense besides any items that you purchase including...

Morning Jumbuck, I am very suprised to see that the Van Owner is paying you on a 60/40 split, since she owns the vehicle, and is paying for the following: Repairs, Tires, and Insurance. Normally this Split would be 35/65-40/60-45/55 - depends on the expense she would have to bear if any...

I attended the IRS Nationwide Tax Formum in Atlanta, GA this past week, and I had a chance to actually speak live with one of them, and they stated that even though it was a DOT Requirement it is not "Common and Accepted", nor "Ordnary but it was Necessary, (IT MUST BE BOTH,) to be able to be...

I just got off the the phone from the IRS with Mr. Tinsdall, IRS Business Division, Sch C, Taxpayers in must be in accordance with Publication 535 Business Expenses He stated that it must be "COMMON AND ACCEPTED" , ALSO IT MUST BE "ORDINARY AND NECESSARY" within the transportation industry IN...

Tax Increases Looming in 2013Without Congressional action before the end of the year, just about everyone, rich and poor alike, will be hit by tax increases. These increases are the result of temporary tax benefits that will expire at the end of 2012. Just about everyone will be affected in...

i ALSO JUST GOT OFF THE PHONE WITH THE IRS IN REGARD TO THE CREDIT CARD REWARDS PROGRAMS. THEY ARE NOT TAXABLE AT ALL. AND ARE PERSONAL IN YOUR OWN NAME, IF YOU USE ANY CREDIT CARD REWARDS TO PAY FOR ANY BUSINESS DEDUCTION AT ANY TIME YOU CANNOT USE THAT AS AN EXPENSE. PER PUBLICATIONS 334...