Loans To Relatives

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 w...

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Bad Debts – Family Loans

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 ex...

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De Minimus Benefits

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 tradit...

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Lawsuit Settlements

Lawsuit Settlements
 

Lawsuit Settlements In the settlement document, they award to the prevailing party should not be described as a single lump sum. Taking the award as an all-inclusive amount will kill your opportunity to avoid taxes on significant portions of it. DESCRIBE SETTLEMENTS IN FAVORABLE TAX TERMS – Court-...

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Computer Software Deduction

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 compute...

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Holiday Party Deductions

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 f...

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Business Gifts Deduction

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 comp...

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Deducting Commuting Costs

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...

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Bad Debt Write-Off Allowed For Family Loan

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 [&hel...

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Fringe Benefits – Types Of Benefits For Employees

Fringe Benefits – Types Of Benefits For Employees
 

Fringe Benefits – Types Of Benefits For Employees In today’s tight job market, a good fringe benefit package is often essential. Certain perks can be deducted by your company as business expenses but don’t have to be included in employees’ incomes. Qualified transportation fringe benefit...

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Contact Info:

Ronald Semaria
Semaria Consulting
1408 East 66th St
Brooklyn, NY 11234
Email: info@semaria.com

Phone Numbers:

Phone: 718-531-1105
Toll-Free: 866-531-1105
Toll-Free: 888-IRSAUDIT
Toll-Free: 888-RONTAXES
Fax: 718-444-7152

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