Deductible travel expenses are the ordinary and necessary expenses of traveling away from home for your business, job or profession. To qualify, the travel must be away from the general area of your tax home for a period substantially longer than an … [Read more...]
Tax Deductions: Deduct up to $25,000 of Rental Real Estate Losses
Suppose you own a house which you rent out to tenants. The last few years you've made a profit on the rental. This year, the tenants left, and it took several months to replace them - months with no rents coming in. On top of that, utility costs were … [Read more...]
How to Deduct Moving Expenses on Your Tax Return
Moving your household and starting a new job can both be very stressful events. But, the IRS is there to take some of the sting out of the situation by giving you moving-related tax breaks. If you meet the requirements, you can deduct certain moving … [Read more...]
QuickBooks: How to Add an Account
Your chart of accounts A company’s “chart of accounts” is a list of the general ledger accounts it uses to record and track transactions and other accounting entries. Once you or your accountant have set up your chart of accounts, it can sometimes … [Read more...]
Tax Deductions: Alimony Payments
If your marriage breaks up and you make payments to your ex-spouse, those payments may qualify as deductions on your tax return – or they might not. On the other hand, payments which are deductible by one spouse are included in the taxable income of … [Read more...]
Deducting Business Meals & Entertainment
Part of the costs of entertaining clients and other business contacts can be deducted on your tax return, but special rules apply. 50% Limitation Entertainment expenses must meet certain tests below to qualify as tax deductions. Even then, the … [Read more...]
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