Fringe Benefits – Rules for Transportation Tax Breaks

Fringe Benefits – Rules for Transportation Tax Breaks
 

Fringe Benefits – Transportation Tax Breaks Rules Of The Road: How To Secure Employee Transportation Tax Breaks As with most tax breaks, you must meet detailed rules to secure tax-free treatment of yours companies qualified transportation fringe benefits. Here’s a brief rundown of the three ...

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Home Office – Security Systems

Home Office – Security Systems
 

Home Office – Security Systems Expand Your Write-Off For A Home Security System If you manage a business out of your home, you may be overlooking an extra tax break. Say you decide to put in a security system that covers both your office and the rest of your house. You can then deduct the [&he...

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Rental Property Rules – What Is Material Participation?

Rental Property Rules – What Is Material Participation?
 

Rental Property Rules – What Is Material Participation? A client is generally considered to have materially participated in an activity if he or she passes any of the following seven tests: The client spent more than 500 hours on the activity during the tax year. The client’s participation c...

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Contributions – Art Appreciation

Contributions – Art Appreciation
 

Contributions – Art Appreciation Appreciate Your Art Appreciation If you donate art purchased years ago that has appreciated significantly, get the highest deduction available. Here’s what we mean: There are a number of requirements to write off the full market value of the art you contribut...

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Non-Itemizer May Not Deduct Gambling Losses

Non-Itemizer May Not Deduct Gambling Losses
 

Non-Itemizer May Not Deduct Gambling Losses Roger Torpie Jr. won $858 in a lottery that he reported on his 1996 income tax return.  Torpie also deducted the $858 in determining his adjusted gross income although he did not itemize.  The IRS disallowed Torpie’s $858 deduction. The Tax Court agree...

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Medical Expenses – Travel Conferences

Medical Expenses – Travel Conferences
 

Medical Expenses – Travel Conferences Medical Conference Registration Fees Are Deductible As Medical Expense. Meals and Lodging At Conference Are Not. A parent has a child who suffers from a chronic disease. At the recommendation of the child’s physician, the parent attends a conference sp...

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Automobile Commuting Rules

Automobile Commuting Rules
 

Automobile Commuting Rules Thanks to an IRS ruling, you may be able to claim deductions for daily transportation expenses that were treated as nondeductible personal commuting expenses in prior years. The ruling significantly eases the deduction rules for taxpayers who travel between home and tempor...

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Let Uncle Sam Help Pay For Your Vacation

Let Uncle Sam Help Pay For Your Vacation
 

Let Uncle Sam Help Pay For Your Vacation Catch A Tax Break For Staying Over Saturday Night If you’re a frequent business traveler, you know there’s a premium placed on staying over at your destination on Saturday. Airlines and hotels give lower rates if your visit includes a Saturday nig...

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Escape The Home Office Trap By Electing Sub S Status

Escape The Home Office Trap By Electing Sub S Status
 

Escape The Home Office Trap By Electing Sub S Status If you’re self-employed and work from your home, there’s a simple way to sidestep a potential tax trap involved in future home sales. All you have to do is adopt the S corporation form of doing business. When you operate your business as an S ...

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Deducting Your Computer

Deducting Your Computer
 

Deducting Your Computer Computers are considered “listed property,” or assets used for both business and personal applications. Under the rules, if you use a computer more than 50% for business, you’re allowed to expense that percentage under Section 179 immediately or depreciate it us...

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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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