Posts tagged as:

business-expenses

The Business of Being Lindsay

13 October 2011

Ah, Lindsay Lohan. Always good for water cooler conversation. According to the gossip site TMZ, Lindsay is facing legal woes again. This time, she allegedly stiffed a limo company, Elite Transportation Limo and Security Services, for services from February 2009 to May 2009. The tally? A whopping $90,585.79. It’s the kind of thing that makes [...]

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Back to School: Education Costs as Business Expenses

25 September 2011

t’s common to think about education expenses as they relate to fresh faced college students just starting out – but what about the rest of us? Can you deduct the cost of an education when you’re not pursuing a degree or certificate for your first career? You might. Under some circumstances, you may be able [...]

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Ask the taxgirl: Business Expenses

13 April 2011

Taxpayer asks: I give monthly to a Christian Radio Station. Is this considered a deduction since it comes out of my blogging business account, not my personal account??? taxgirl says: I love this question because there are a bunch of issues here… One, it’s smart that you’re keeping your blogging business and personal account information [...]

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Taxes from A to Z: K is for Kickbacks

13 March 2011

Oh c’mon. You totally knew that I was going to choose kickbacks, right? The rules governing illegal activity and taxes are some of the most entertaining bits of the Tax Code, not that the bar’s terribly high to begin with… The specific section of the Code that references kickbacks can be found under Itemized Deductions [...]

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Taxes from A to Z: D is for Depreciation

6 March 2011

Nothing lasts forever. Things you buy age, they wear down and sometimes, they become obsolete. That’s more or less the essence of depreciation. For federal income tax purposes, depreciation is a deduction that allows you to recover the cost or other basis of certain property. Depreciable property includes most tangible property (I like to think [...]

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Taxes from A to Z: B is for Business Mileage

4 March 2011

Section 162 allows taxpayers to deduct expenses incurred in the course of a trade or business that are deemed “ordinary and necessary.” One of the most common of these expenses is the cost of operating a car, van, pickup truck or panel truck. When it comes to deducting those costs, taxpayers have a couple of [...]

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Senate Votes to Eliminate Tax Deduction for Punitive Damages

21 June 2010

When I was a little girl, rather than completely clean up my room, I used to decorate it. I’d make a tissue flower and put it in the corner or hang a lovely paper chain on the bed. I guess I figured that if I prettied it up a bit, it would distract my parents [...]

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Ask the taxgirl: Taking Deductions When You Don’t Pay the Expenses

12 April 2010

Taxpayer asks: Thanks for your blog, I really enjoy it. I have a question about deductions. I went to school for business but long story short, couldn’t find work and moved back home. I decided to follow my original passion and open a photography studio. Since I didn’t have a job, my mother bought all [...]

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Ask the taxgirl: Deducting Tolls

12 April 2010

Taxpayer asks: Thank you for an interesting blog. The dictionary defines tolls as taxes. Are they deductible like property taxes, or only for business purposes? Taxgirl says: What a really interesting question! I did a little bit of research and tolls seem to be treated by the IRS as user fees and therefore, not deductible [...]

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Ask the taxgirl: Eating Your Words (Food Bloggers and Deductions)

15 February 2010

Taxpayer asks: Can food bloggers write off ALL or part of their ingredients from the recipes they post on their food blog? And/or, can they write off ingredients from paid campaigns where advertisers paid them to create a recipe? Taxgirl says: I’m actually going to answer this question by saying that I’m not going to [...]

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