IRS Issues Guidance On Business Deductions For Meals & Entertainment
The IRS has issued transitional guidance on business meals and entertainment under the Tax Cuts and Jobs Act (TCJA).
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Game Offers Tax Advice To Rappers: Write Off Strippers, Sneaks, And Medical Marijuana
Rapper The Game (or simply, Game), born Jayceon Terrell Taylor, has some tax advice for his fellow rappers. Only, he probably needs to stick to rapping. And I need to stick to tax advice. Trust me on both of these things.
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Why Santa Claus Won’t Have To Pay Income Tax This Year
It’s Christmas Eve and, at my house, we’re busy preparing for guests. Mostly, we’re waiting on the cousins but my kids are also waiting for a certain man with a white beard – no, not my husband – it’s Santa! We’re tracking Santa’s progress via NORAD (North American Aerospace Defense Command, a United States and…
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The Business Of Being Lindsay
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
It’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 to…
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Ask The Taxgirl: Business Expenses
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
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
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
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
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…