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.
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.
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.
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.
Now that the 2017 tax filing season has arrived you may benefit from the following tax savings opportunity.
The Tax Court recently held that temporary support payments made by the taxpayer to his wife was not deductible alimony.
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.