Category Archives: Business Expenses

Sales Tax Expense

Today TaxMama hears from Sirian in the TaxQuips Forum with a concern. He says, “I am an Internet marketer & web developer.  I have always collected state sales tax for my clients in my state (Texas).  When filing my Federal taxes I usually include the full income (including all state sales tax collected) in the reported […]

Taxes for Helping a Friend

Today TaxMama hears from Gayle in the TaxQuips Forum with a common misconception. She asks, “Do I have to become a business to write off expenses on my taxes? I make a product for a friend of mine. I buy all the materials. I do this to help their family business. They pay me for […]

Vacant Rental Property

Today TaxMama hears from Ed in the TaxQuips Forum who wants to know. “Can I still deduct my expenses on a rental house which sat vacant for 2010 on Schedule E?” 

Legal Fees on Cancelled Debt

Today TaxMama hears from Carole in the TaxQuips Forum, with this interesting question. “Can a person deduct legal fees paid to lawyers that negotiated their debt (both personal & business credit cards as well as a mortgage on their personal home) as an itemized deduction? I’ve read that legal fees for collecting or producing taxable income […]

Deducting Free Services

Today TaxMama hears from Jenna in the TaxQuips Forum, who needs help. “I work as a cosmetologist.  I am considered self-employed and rent a chair in a local salon.  I give free haircuts throughout the year during my normal business hours.  Could these haircuts be tax deductible?  If so, would they be considered advertisement or […]

Sec 179 for 2 Cars

Today TaxMama hears from Pam in the TaxQuips Forum, with a good question. “1 purchased 1 new vehicle in 2010 that is used for both of my businesses (Sch C). How do I allocate the new vehicle Sec 179 deprecation expense to both businesses?”

TaxMama’s Tax Roundtable – March 2011 Session

March 17, 2011 TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. REPLAY today’s session below – you can listen and SEE the session and forms.

Eligible Education

Today TaxMama hears from Dil in the TaxQuips Forum, who needs clarification. “The issue is related to the definition of  ‘qualified educational institution.’  The institution is a regionally accredited one, but the full definition of ‘qualified educational institution’ requires that it be a Title IV institution – one whose students may receive federal financial aid. The […]

Business Patio

Today TaxMama hears from Sarah in the TaxQuips Forum, with a good question. “My husband is a personal trainer and uses our back patio exclusively to train clients (we do not use this space for anything else).  Is this deductible and if so, how?  Do we have to include the square footage of our whole […]