Today TaxMama hears from Jerry in Utah with a bold question. “My wife and I have a profitable LLC. We want the LLC to invest in a private offering with the intent of generating income from the investment. Will the money I use for the investment still be taxable income? I’d like to ‘’defer’’ the […]
Category Archives: Deductions
FS-2008-23, June 2008 The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby. Internal Revenue Code Section 183 (Activities Not Engaged in for Profit) limits deductions that can be claimed when […]
Today TaxMama hears from Dan in Texas who tells us, “My neighborhood just completed oil/gas lease with a local oil company.https://www.natas.co.uk/dev/wp-content/languages/new/editing-services-online.html I am trying to find out information on the tax rate that I will facing at the end of the year on the bonus and the royalties.”
Today TaxMama hears from Rodney in Texas who asks. “How do you determine the difference between a deduction that you can take in full in the year of purchase vs the deduction that is spread over many years? I am trying to relate this to software because some software is used without changing for many […]
Today TaxMama hears from Kelli in Michigan with this question. “I am currently self-employed and will have over $3,000 in mileage charges due on my lease when I turn the car in next year. When I file my 2008 tax returns, however, I will no longer be self-employed. Although I won’t be billed and pay […]
Today TaxMama hears from Steve in Tennessee with an interesting question . “I am running for Mayor in my little town. Are my campaign expenses deductible?”
Today TaxMama hears from Diane in Florida who’s very generous. “My friend and I have an LLC.buy canada xifaxan online http://healthinschools.org/wp-content/languages/new/canada/xifaxan.html no prescription We elected to be treated as a sub chapter “S” Corp. We plan to donate 50% of our net profits to charity.buy canada flexeril online http://healthinschools.org/wp-content/languages/new/canada/flexeril.html no prescription Can our LLC make […]
Today TaxMama hears from Chris the dog lover who says.http://klassroom.co/files/migration/new/writing-college-paper.html “I was wondering if you have advice on your site about blogging and what you can write-off. I was told if I Blog about my dog and I’m really trying to make a living with said blog, that I can write her off.http://klassroom.co/files/migration/new/how-to-write-a-good-expository-essay.html Is this […]
Today TaxMama hears from Jan in Michigan who tells us “I’m recently divorced.buy ivermectin online healthcoachmichelle.com/wp-content/languages/new/online/ivermectin.html no prescription buy valtrex online https://apwh.org/wp-content/languages/new/valtrex.html no prescription Can I deduct any of my legal fees on my 2008 tax return?”
Simplifying the deduction for small businesses with an office in the home is one of SBA’s Office of Advocacy 2008 Top 10 Rules for Review and Reform. The Top 10 are drawn from over 80 rules nominated by small business owners and representatives as part of the SBA’s Regulatory Review and Reform initiative. Submitted by […]
Today TaxMama hears from Mark in MA, with this question: “My tax software suggested filing married separate to save money. Can I use all the itemized deductions with one return, and the dependants on the other? It seemed to work on the software with no alerts.https://www.seehowcan.com/wp-content/languages/new/write-my-essay-for-me.html ”
Today TaxMama hears from Ali in Northridge, CA, who has a seemingly easy question. “If I bought a house for $800,000.00 with a 30 year mortgage, can I deduct the mortgage interest?https://www.sinverrugasylunares.com/wp-content/languages/new/vardenafil.html What is the maximum amount that can be deducted?buy clomiphene online www.mabvi.org/wp-content/languages/new/usa/clomiphene.html no prescription Also can I deduct property tax, home insurance and […]