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- When Business Meals and Entertainment Are Deductible
- An often asked question is: are meals and entertainment deductible in the course of one’s business, and if so, under what circumstances? This type of expense requires you to comply with some pretty complicated qualifications, and if you can jump through the hoops, the expenses may be deductible in certain cases.
- When is a Charitable Contribution Appraisal Required?
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A commonly overlooked requirement of taking a tax deduction for donating clothing and household goods to charity is the substantiation requirement, for both what is donated and the value placed on the donation. Because the IRS has encountered so much abuse in this area, it has increased the donation verification requirements over the years, and taxpayers risk losing the deduction if their donations are not correctly documented and reasonably valued.
- Did You Have to Repay Part of Your Obamacare Subsidy and Don't Know Why?
- As part of Obamacare, most everyone is required to be insured or pay a penalty. However, this created a substantial financial burden for lower-income families. To alleviate this situation, Obamacare included a subsidy, referred to as the premium tax credit (PTC), to help them pay the cost of the insurance.
- Need help with retirement savings? Uncle Sam may be able to help.
- If you are a lower income taxpayer, Uncle Sam may be able to help.
- Home Office Tax Deduction Overview
- Generally, the portion of your home used for business must be used exclusively for business, and is one of the following:
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