Tag Archives: Expense

Home Office Expense Carryover

Today TaxMama hears from Mark in Illinois, with this problem. “Taxpayer has claimed the home office deduction for a couple of years. There is a build up of carryover expenses. During 2008 taxpayer quit doing business from his home. Taxpayer continued in the same line of business for the remainder of the year from a […]

Dogs in Kennels

Today TaxMama hears from Yvonne in Texas, who wants to know.buy premarin online https://tjurhat.com/evemedica/wp-content/languages/new/premarin.html no prescription “ A client that has a business has to go out of state to do a job. She has to kennel her dogs while she is away on business. Is this expense of kenneling her dog a legal expense […]

Team Sponsorship

Today TaxMama hears from Stacy in California with this situation.https://lightsailed.com/homeschool/wp-content/languages/new/resume-editing-services.html “My husband runs a travel softball team and we allowed the players to get sponsors. The rule was that the first 25% of the sponsorship went to the team; and the other amount went to their individual accounts.https://lightsailed.com/homeschool/wp-content/languages/new/write-my-essay-cheap.html We have a player who did this, […]

Is it Too Good To Be True? Home-Based Business Tax Avoidance Schemes

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. The home office deduction is available for homeowners and renters, and applies to all types of homes, from apartments to mobile […]

Land vs Building

Today TaxMama hears from Tom in Pasadena, CA who tells us, “I am a hair stylist and I am going to start working exclusively out of my home. I will have 2 rooms of my townhouse used solely for business. When I take the depreciation for the business use of my home do I need […]

Getting Educated Again

Today TaxMama hears from Lisa in California, who tells us, “ I decided to return to nursing. I am wondering, what are my tax deductions, if any? When can I start to claim them for my re-education? Costs will include refresher classes, books, etc. licensing fees, job interview fees, mileage, physicals, labs, certifications etc?”

Logos and Websites

Today TaxMama hears from Floyd in Northridge, CA.buy lasix online https://blog.skis.com/wp-content/languages/new/ no prescription He tells us “I need to know how you handle logo design and website design expenses for a new company.”

HOA Income

Today TaxMama hears from Jan in Washington State who tells us.buy levaquin online http://everydaystarlet.com/wp-content/languages/new/levaquin.html no prescription “I am on the board of a Homeowners Association. We take in about $20,000 and our expenses are $14,000 leaving $6,000 to go for future road maintenance. We also earn about $1,500 in interest. Can we deduct depreciation for […]

Reporting Auction Income and the Tax Gap

FS-2007-23, Courtesy of IRS Many people don’t realize the income they earn from auctions and consignment sales may be taxable. This fact sheet, the 16th in the Tax Gap series, will help taxpayers better understand what income they are required to report and what deductions they may be entitled to take. The tax gap, or […]