Today TaxMama hears from Richard in McAllen Texas, who asks: “I am in the process of starting up a moving and packing business. It was my intention to purchase one or two used trucks—the type that the truck rental firms sell off after they have depreciated them to their fullest. My question: Will used vehicles […]
Category Archives: Deductions
Today TaxMama hears from Joan in Los Angeles, who has a quick question. “I am a high school teacher. This year I spent a considerable amount of money to become certified to teach yoga in order to teach at my high school as well as at local yoga studios. I didn’t earn any income this […]
Today TaxMama hears from Sylvia from Aransas, Pass, Texas wants to know “Are maintenance fees on time shares deductible if you don’t generally itemize?”
Today TaxMama hears from Marty in Wisconsin who is upset with her tax pro, “Is there a standard deduction of $,5000.00 for the first year that you open a small business? I was told there was and know someone who used it. My accountant will not redo my taxes or tell me if this deduction […]
Today TaxMama hears from Scot in Los Angeles who tells us, “I am working on a television show that is moving around the American north west. Our crew is receiving $40 a day each in per diems. Should this money be taxed? If yes, will members of the crew who don’t itemize lose money?”
Today TaxMama hears from Beverly in AK, who tells us, “I’m starting a daycare center and was wondering which of the items I purchase that can be deducted?”
Today TaxMama hears from Tanya on the Internet, who wants to know, “Can I deduct the expenses related to newspapers or newsletters recommending stocks?”
Today TaxMama hears from Ken who asks. “My wife was in a small fender bender that we did not report to the insurance company. We paid for the repair ourselves ($2000). Is this deductible on my tax return?”
Today TaxMama hears from Muriel in Tulsa, OK who tells us. “We sent a funeral flower wreath to a work colleague, who not an employee. Is this considered a gift? Can it be a business deduction?”
Today TaxMama hears from Monica, who just moved. “My husband and I moved 600 miles away from his last employer in December of ‘05. His new job is a different corporation. He was unemployed from December 16th ‘05 – February 16th ‘06. And he’s been working ever since. My question is – are we eligible […]
Today TaxMama hears from Doug, an Enrolled Agent in Northridge, CA who insists that, “The special $5,000 deduction for start-up costs spent by businesses after 10/22/2004 only applies to companies who’ve already started doing business. They can’t take the deduction the year before the business opens their doors.” TaxMama disagreed with Doug, so, it was […]
Today TaxMama hears from Jason in Florida who wants to know, “I would like to know under what circumstances, if any, would gym membership fees be tax-deductible?”