The Tax Professionals Blog
Section 179 & Residential Rentals
A frequent question asked by tax professionals is whether home furnishings such as washers, dryers, refrigerators, microwaves and the like, used as part of a residential rental, qualify for the...
Read MoreFirst-Time Homebuyer Exception
Individuals wanting to purchase a home frequently look to their IRA accounts as a source for the down payment. Although tapping one’s retirement funds is generally not a wise thing...
Read MoreDeducting Partner Expenses
A frequent question that arises is how to handle the deductible business expenses of individuals in a partnership. Generally, the partnership should reimburse each partner for any allowable expenses; those...
Read MoreAre Work Clothes and Uniforms Deductible?
The costs of purchasing and upkeep of work clothing are deductible if the following two requirements are met.
Read MoreUsing a Traditional IRA as an Income Diversion ...
Making a deductible Traditional IRA contribution in one year and then converting it to a Roth IRA in the next year has the effect of moving the income from the...
Read MoreDeducting Local (Within Tax Home) Lodging
IRS regulations permit certain non-away-from-home lodging expenses to be treated as deductible business expenses by the employer and tax-free working condition fringe benefits or accountable-plan reimbursements to the employee. The...
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