Tag Archives: Business Expenses

Tax Roundtable Schedule and Replays for 2013

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. Please mark your calendars! It meets at 8:05 am PACIFIC on the third Thursday or fourth of the month (unless there are conflicts) (and dates are subject to […]

Tax Roundtable Replays for 2012

2012 Tax Roundtables TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. REPLAY all the 2012 sessions below. Yyou can watch the sessions  – or you can download the MP3 files and listen to them at your leisure.

Job Expenses

Today TaxMama® hears from Lori in the TaxQuips Forum with a case of wishful thinking. “I have a couple of clients that have an average of $3,000 worth of employee expense deductions. None of them itemize on Schedule A. Can I still take the standard deduction, plus a negative amount (from form 2106) on 1040 […]

Annual S Corp Meeting

Today TaxMama hears from Alyx in the TaxQuips Forum who is creative. “If you have a wife and husband S corporation, how can you write off an 8-day Caribbean cruise as a business expense for an annual meeting?  Is it true that if you have the meeting on one of the ports of call you […]

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 […]

Missing Checks

Today TaxMama hears from Susan in Florida, with this issue. “If the owner of a business is able to provide bank statement, but no copies of checks, can the owner provide a written statement defining the percentage that was spent in each category? For example. 5% spent on Utilities, 30% spent on advertising, etc.”

Upgraded Automobile

Today TaxMama hears from Tiffany in Virginia, who’s trying… “ I am starting an LLC which is an online store selling automotive upgrades. I will be buying a car ($10,000) and upgrading it with mostly my own inventory ($20,000). My website address will be printed on the car and it will be taken to car […]

Professional Athletes

Today TaxMama hears from Kandi in Iowa, who asks, “Would a professional bodybuilder be allowed to deduct expenses associated with training/contest preparation? I was told they can deduct traveling expense and contest entry fees directly related to competition. What about supplements, training, posing suits, tanning and other miscellaneous expenses incurred to prepare for competition?”

My Acting Career

Today Mary tells us that she just moved to New York to pursue an acting career. Mary says, “I currently work as a secretary, but I plan to take auditions and classes in my days off and evenings. I would like to deduct my classes and other such expenses as business expenses related to my […]