Deductions | AGC CPA

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Valuable gifts to charity may require an appraisal

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to...

Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions

Typically, businesses want to delay the recognition of taxable income into future years and accelerate deductions into the current year....

Are 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...

Can 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...

Important tax aspects of operating your business as a sole proprietor

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects...

There’s a deduction for student loan interest … but do you qualify for it?

If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans....

Keeping meticulous records is the key to tax deductions and painless IRS audits

If 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...

Are 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...

Numerous tax limits affecting businesses have increased for 2022

Many tax limits that affect businesses are annually indexed for inflation, and several of them have increased for 2022. Here’s a rundown...

Navigating the tax landscape when donating works of art to charity

If you own a valuable piece of art or other property, you may wonder how much of a tax deduction you could get by donating it to charity....