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Tax Deductions

10Oct

Good News-IRS Announces Business Meals Are Deductible

By |October 10th, 2018|Categories: Tax Deductions|

If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt disappointed by the part of the tax reform that passed last year that did away with the business-related deductions for entertainment, amusement or recreation expenses.

12Sep

S Corporations Should Pay Reasonable Compensation To Shareholders

By |September 12th, 2018|Categories: Tax Deductions, Tax Planning|

Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, credits and distributions are allocated to its shareholders’ on a pro rata basis.

1Nov

Is Your Interest Expense Tax Deductible?

By |November 1st, 2017|Categories: Interest Expense, Tax Deductions, Tax Planning|

When borrowing money taxpayers often ask if the interest will be tax deductible.  The answer to the question can be complicated  and you’ll learn that not all interest you pay is deductible. The rules for deducting interest depend on whether you use the loan proceeds for personal, investment, or business purposes.

18Feb

You Can Still Make An IRA Contribution For Last Year

By |February 18th, 2017|Categories: Retirement Plans, Tax Deductions, Tax Returns|

Taxpayers wanting to make an IRA contribution for 2016, have until the unextended due date for filing their 2016 return, which is April 18, 2017. Contributing to an IRA has several benefits, the most important one being that you are saving for your retirement.

17Jan

Can You Benefit From State and Local Sales Tax Deduction?

By |January 17th, 2017|Categories: Tax Deductions, Tax Planning, Tax Returns|

Now that the 2017 tax filing season has arrived you may benefit from the following tax savings opportunity.

26Jun

Court Finds Temporary Support Payments Are Not Deductible Alimony

By |June 26th, 2013|Categories: Tax Deductions|

The Tax Court recently held that temporary support payments made by the taxpayer to his wife was not deductible alimony.

20Jan

Simplified Method For Claiming Home Office Deduction

By |January 20th, 2013|Categories: Tax Deductions|

The IRS recently announced an optional method that individual taxpayers may use to calculate the deduction for expenses incurred for the business use of their home (commonly known as the home office deduction). The new method may be used for tax years beginning in 2013.

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