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Loans To Relatives

Loans To Relatives PUT ALL FAMILY LOANS IN WRITING Documentation is critical on any family loan. If the loan goes bad, you’ll want to claim a tax deduction. But, without proper paper work, an IRS auditor will say the transaction was a gift, which means no deduction for you and a possible problem with a […]

Filed Under: News Articles Tagged With: deduction, deductions, family loan, family loans, interest, loan, loan to family, loans, loans to relatives, long term loan, short term loan, tax deduction

Bad Debts – Family Loans

Bad Debts – Family Loans If you made an ill-advised loan to a family member, the saving grace is that you’re allowed to claim a nonbusiness bad-debt deduction. Your write-off is considered a short-term capital loss. So you can use it to shelter your capital gains for the year. If the loss exceeds your gains […]

Filed Under: News Articles Tagged With: bad debt, bad debt deduction, bad debts, business expense, capital loss, deduction, deductions, family loan, loan, loan to family

De Minimus Benefits

De Minimus Benefits Any property or service with a relatively low value is excluded from tax on employees – including owners and partners. This includes occasional meals or supper money, local transportation when working late, holiday or birthday gifts, occasional sporting event tickets and traditional awards.

Filed Under: News Articles Tagged With: benefits, birthday gift, concert tickets, de minimus benefits, deductible, deduction, deductions, dinner, event tickets, fringe benefits, gift, gifts, meal expense, meals, sporting tickets, supper money

Computer Software Deduction

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 […]

Filed Under: News Articles Tagged With: business expense, computer software, computer software deduction, deduction, deductions, software, software deduction, tax write-off

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 […]

Filed Under: News Articles Tagged With: business expense, business expenses, deduction, deductions, holiday party, holiday party deductions, party deductions

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 […]

Filed Under: News Articles Tagged With: business expense, business gifts, deduction, deductions, gift, gifts

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 […]

Filed Under: News Articles Tagged With: business expense, commuting, commuting costs, deduction, deductions, local travel, travel

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 […]

Filed Under: News Articles Tagged With: bad debt, deduction, deductions, family loan, loan, write-off

Fringe Benefits – Cutting Taxes

Fringe Benefits – Cut Taxes, Win Loyalty Via Tax-Free Commuting Here’s a tax-wise fringe benefit your company should consider: Help employees get to work by providing tax-free transportation. Not only do workers appreciate this perk, but also your company can save big on payroll taxes. In the past, employers could pay the full cost for […]

Filed Under: News Articles Tagged With: commuting, cut taxes, deduction, deductions, fringe benefits, tax-free commuting

Start Up Costs – Costs Of Organizing A Corporation

Start Up Costs – Costs Of Organizing A Corporation The costs of organizing a corporation are direct costs of creating the corporation. Clients can amortize an organizational cost only if it meets all of the following requirements: It is for the creation of the corporation; It is chargeable to a capital account; The client could […]

Filed Under: News Articles Tagged With: amortization, business expenses, deduction, deductions, start up costs, startup costs

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