Computer Software Deduction The general rule for business software says you must depreciate costs over 36 months. But there are some exceptions you can take advantage of. Specifically: When software is bundled with hardware and sold for a single price, you can treat the whole setup as a new computer. Then you may be able to […]
News Articles
Holiday Party Deductions
Holiday Party Deductions If you’re hosting a holiday get together for employees, you can slide right by the regular entertainment rules. Instead, you can deduct 100% of your costs – and you don’t even have to talk about business. Just make sure that all your employees are invited. To get the full write-off, you can’t […]
Where To Deduct Your Interest Expense
Learn where you can deduct various types of interest in order to receive the maximum tax benefit, including student loan interest, mortgage interest, rents & royalties, etc.
Business Gifts Deduction
Business Gifts Deduction The tax law puts tight wraps on your ability to deduct year-end holiday business gifts to customers and clients. GIVE TO COMPANIES, NOT INDIVIDUALS Your deduction for business gifts is limited to $25 per recipient. But that restriction applies to gifts to people, not companies. So you can give a company […]
Deducting Commuting Costs
Deducting Commuting Costs You can’t deduct the cost of transporting tools, equipment or other materials by car if you would normally have commuted in the car. If you regularly take mass transit to work, you can deduct the additional cost of transportation. For example, an electrician who takes his tools to a work site was […]
Cancellation of Credit Card Debt Is Taxable As Ordinary Income
Cancellation of Credit Card Debt Results in Cancellation of Indebtedness Of Income And Is Taxable As Ordinary Income A taxpayer had a Mastercard and a Visa. The Visa account balance was transferred to his Mastercard account in April, 1996. The taxpayer sent a check for $1,000, a copy of his May, 1996 statement, and a […]
Bad Debt Write-Off Allowed For Family Loan
Bad Debt Write-Off Allowed For Family Loan In a recent Tax Court case (McFadden, T.C. Memo.2002-166), the court allowed a parent to claim a bad debt write off of more than $130,000.00 for a loan to his daughter that was used to buy a house. BACKGROUND A bad debt deduction may be available if a […]
Home Sale Regulations
Home Sale Regulations The IRS recently proposed regulations on the home-sale gain exclusion enacted in the 1997 Tax Relief Act [Prop. Reg. Sec. 121.1 through 121.4]. The exclusion exempts from tax up to $250,000 ($500,000 for joint filers) of the gain from the sale of a home if the taxpayer owned and used the home […]
Internal Revenue Service Manual – Guidelines For IRS Agents
Internal Revenue Service Manual – Guidelines For IRS Agents The Internal Revenue Manual (IRM) contains the official compilation of all internal management documents of the Internal Revenue Service. If tax professionals study the IRM, they will be able to understand the working procedures of the IRS. In the third part of a three-part series, this […]
Long Term Care Insurance
Long Term Care Insurance – Reap Major Tax Breaks For LTC Coverage You don’t want to exhaust you hard-won retirement savings just to pay nursing home bills. Long –term care (LTC) insurance provides certainty that nursing home and home health care services will be available if you need them. As a bonus, Uncle Sam allows […]
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