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Home Archives for Deductions

Tax Deductions: Working Away From Home

Posted on October 22, 2013 Written by John Marsh, CPA Leave a Comment

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...]

Filed Under: Business, Individual, Tax Tips Tagged With: Deductions, Travel

Tax Deductions: Deduct up to $25,000 of Rental Real Estate Losses

Posted on October 10, 2013 Written by John Marsh, CPA Leave a Comment

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...]

Filed Under: Individual, Tax Tips Tagged With: Deductions, Passive, Rentals

How to Deduct Moving Expenses on Your Tax Return

Posted on October 4, 2013 Written by John Marsh, CPA Leave a Comment

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...]

Filed Under: Individual, Tax Tips Tagged With: Deductions

Tax Deductions: Alimony Payments

Posted on September 27, 2013 Written by John Marsh, CPA Leave a Comment

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...]

Filed Under: Individual, Tax Tips Tagged With: Deductions, Divorce

Deducting Business Meals & Entertainment

Posted on September 20, 2013 Written by John Marsh, CPA Leave a Comment

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...]

Filed Under: Business, Tax Tips Tagged With: Deductions, Travel

Auto Depreciation for 2013

Posted on September 12, 2013 Written by Jeff Conley Leave a Comment

In our last post on bonus depreciation, we noted that there are special rules for depreciating cars and trucks. Today we’ll look at those rules. This discussion assumes that the vehicle is being used more than 50% for business purposes. If the … [Read more...]

Filed Under: Business, Tax Tips Tagged With: Autos, Deductions, Depreciation, Section 179

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