Apr 73 minAre you eligible for a medical expense tax deduction?You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not...
Mar 82 minCan you deduct the costs of a spouse on a business trip?If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you...
Feb 153 minKeeping meticulous records is the key to tax deductions and painless IRS auditsIf you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you...
Feb 82 minEntrepreneurs and taxes: How expenses are claimed on tax returnsWhile some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a...
Feb 12 minNumerous tax limits affecting businesses have increased for 2022Many tax limits that affect businesses are annually indexed for inflation, and several of them have increased for 2022. Here’s a rundown...
Oct 19, 20212 minNew per diem business travel rates became effective on October 1Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022...
Sep 28, 20213 minTax depreciation rules for business automobilesIf you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are...
Sep 14, 20212 minClaiming a theft loss deduction if your business is the victim of embezzlementA business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it...
Aug 19, 20212 minScholarships are usually tax-free but they may result in taxable incomeIf your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and...
Aug 12, 20212 min5 possible tax aspects of a parent moving into a nursing homeIf you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications....