Can an employee still deduct unreimbursed business expenses?
- David Greene
- Comments Off on Can an employee still deduct unreimbursed business expenses?
Since the new tax law came into effect, employee itemized deductions for unreimbursed business expenses, including mileage, have been suspended. However, self-employed individuals and certain employees (e.g. armed-forces reservists, certain state or local government officials, educators and performing artists) may…
What is a P&L?
- David Greene
- Comments Off on What is a P&L?
A P&L, or Profit and Loss statement, is simply a listing of all your business income and all of your business expenses for a given period of time. It is sometimes called an Income and Expense statement. Generally, you first…
What are the current rules about meal and entertainment deductions?
- David Greene
- Comments Off on What are the current rules about meal and entertainment deductions?
The new tax law (TCJA) has made several changes in the deductibility of business meals and entertainment. Last week I addressed deductions for meals. This week I will discuss the deductibility of entertainment expenses. Even before the new tax law,…
What are the current rules about meal and entertainment deductions?
- David Greene
- Comments Off on What are the current rules about meal and entertainment deductions?
The new tax law (TCJA) has made several changes in the deductibility of business meals and entertainment. I will address deductions for meals this week and entertainment next week. If a meal is allowed as deductible, generally only 50% of…
How to generate proof of expenses in an audit.
- David Greene
- Comments Off on How to generate proof of expenses in an audit.
As you know the IRS will not accept your word for expenses. They want to see backup documents and proof of payment. If you did not keep receipts, you can order old bank statements from your bank and then go…
When does an incorrect tax return become criminal, Part 2?
- David Greene
- Comments Off on When does an incorrect tax return become criminal, Part 2?
Last week I stated that that only fruadulent acts lead to criminal trouble and I listed five things that can cause real trouble. This week I will add four more things you do notwant to do that, if done, can lead…
When does an incorrect tax return become criminal?
- David Greene
- Comments Off on When does an incorrect tax return become criminal?
If you make a mistake on your return, that is not criminal. However, filing a wilfully fraudulent return iscriminal and can land you in jail. Here are some things you do not want to do that, if done, can lead to…
Hints to help new businesses stay out of tax trouble.
- David Greene
- Comments Off on Hints to help new businesses stay out of tax trouble.
There are many hints or suggestions I can give a new businessman, but I do not have that much room. I will give you five very important hints to keep you straight with the IRS. First, form your business as…
What are some of the special rules about reporting losses on Schedule C?
- David Greene
- Comments Off on What are some of the special rules about reporting losses on Schedule C?
Schedule C is the most audited of all the tax forms! In order to claim losses based on Schedule C a taxpayer must first prove that the business activity has a clear profit objective. Factors to consider are whether the…
More Tax Tips for Grads Entering the Work Force
- David Greene
- Comments Off on More Tax Tips for Grads Entering the Work Force
Last week I listed 5 things to consider. Here are some more. (1) Remember that graduation gifts are not taxable to the recipient, so you do not need to be concerned with taxes on them. (2) If you worked a…