This would include yachts, hunting camps, fishing camps, swimming pools, tennis courts, , clubs, barges. Hence for the most part the purchase is affected, but not the out of pocket expenditures for this item. So operating expenses are ok, if you can directly tie to an actual business purposes to specific people. Club dues are

Medical expenses are anything prescribed by a physician for your health or well being.  What would this include?  It would include: 1) Prescriptions, blood tests,  2) All doctor visits – dental, MD, Gynecology, Urology, Mammograms tests whatever 3) Medical mileage to and from doctors, hospital etc 4) Medically prescribed specialized equipment for ailments  like ventilators, wheelchairs, ramp added

We often can log in remotely, or set up your bookkeeping system in Quickbooks, set up the type of business and accounts for you to your type of business. This will help you run your own business and we can then remotely or just check them each month or quarterly or annually. By you running

If you have form 1099 income of self employment where no withholding was taken out, it important to remember there is not only income taxes but more importantly self employment taxes. The income taxes are not usually so high. It is the self employment taxes or social security taxes on top of everything that costs.

The maximum contribution is based upon $3,250 for singles or  $6,450 for family coveragee.  You can add more if you are age 55 or older. This catch-up provision is $1,000 per year. These are valuable as you can accumulate money for many years in them without a tax. So earnings are tax free inside the

A number of people are reporting receiving scary emails from the IRS. I just received one today. Thankfully I know the IRS does not send emails. I called the number at the bottom and it correctly asked me to forward it to phising@irs.gov without opening the email itself. Do not open this email if you receive

An employer can deduct the cost of an award made to one employee of $400 or less or if a part of a qualified plan award can be $1600 providing it is written and non-discriminatory. The employer can deduct the expense and the worker will not pick it up as income. This would be an

There is very little to be had anymore in this area and the IRS in an effort not to deal with it at all has prescribed the following simple method which can be used to quantify your home office deduction.    Deduction for home office use of a portion of a residence allowed only if

Carried interests is a for profits interest in a venture where one person/party receives this in liew of money for some type of work in the venture. Often you see it in Oil and Gas deals. Income interests are ordinary income and taxed at regular income tax rates, but not carried interest when redeemed over

You can of course save all of your receipts from various places which makes keeping them a chore, or you can use a charge card and keep those receipts with your monthly credit card statements and keep them in case of audit. The most important thing regardless of whether you keep all of those little