The Tax Professionals Blog
Disabled Individuals May Be Missing Out On The ...
There are several requirements to qualify for the Earned Income Tax Credit (EITC) (IRC Sec 32), one of which is to have earned income. Many taxpayers and tax preparers alike...
Read MoreDeducting Travel Insurance on Your Taxes
The deductible travel expenses, for a business trip, would include the cost of travel insurance, visa fees, customs fees, and books about the destination (TC Memo 1998-272), and would be deductible on...
Read MoreC or S Corporation and the 3.8% NIIT
One of the factors to consider in regards to deciding to do business as a C Corporation or utilize the Sub S election (where there are 100 stockholders or less)...
Read MoreReporting Hobby Income and Expenses
When an activity is determined to be a hobby and not a for profit business activity, special reporting rules apply.
Read MoreWhen Is a Charitable Contribution Appraisal Req...
Frequently taxpayers make multiple charitable contributions during the year and if the total of those contributions exceeds $5,000, is a qualified appraisal required?
Read MoreTax Treatment of Below Market ( Gift ) Loans
Occasionally when preparing tax returns, we encounter situations where there are loans between family members, or occasionally between employer and employee, with no interest being charged or the rate of...
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