It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. O is for Ordinary and Necessary. To claim a deduction for business expenses, Section 162 of the Tax Code…
The IRS has issued transitional guidance on business meals and entertainment under the Tax Cuts and Jobs Act (TCJA).
Entertainer Jason Derulo had a big night in Los Angeles earlier this week when he dropped tens of thousands of dollars at a Hollywood nightclub to promote his new single, Swalla. Can he deduct it? Derulo thinks he can.
On February 15, Baltimore Ravens running back Ray Rice got onto an elevator with his then-fiancee, now-wife Janay Palmer in Atlantic City, New Jersey. When the doors opened, Palmer was unconscious. Rice dragged her out of the elevator and left her on the hotel floor (you can watch the uncomfortable video here). Rice was accused…
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…